Bitcoin’s Dominance Declines as ETH Reclaimed $3,500 (Market Watch)
Bitcoin’s dominance has dropped by 1% in a day as BTC dipped below $47,000. ETH, DOT, and UNI have charted impressive gains.
Bitcoin’s recent struggles continued in the past 24 hours as the asset dropped to a five-day low of around $46,500. In contrast, some alternative coins have been on the rise. Ethereum is a prime example as it jumped above $3,500 for the first time in more than three months.
ETH Above $3.5K; DOT Spikes 10%
It’s safe to say that most altcoins have been outperforming Bitcoin in the past few weeks. Ethereum, for instance, had dropped below $3,200 on Monday. However, the second-largest crypto has added more than $300 since then.
As a result, it breached $3,500 for the first time since mid-May, and it still trades above that level.
Ripple has gone up by a similar percentage as ETH in the past 24 hours and tapped $1.2 hours ago. Even more gains are evident from Polkadot and Uniswap, both of which have surged by around 10% in a day. Interestingly, DOT and UNI have also reclaimed $30.
Binance Coin and Dogecoin are slightly in the green, while Cardano – another recent high flyer – has stalled around $2.8.
Solana, which has marked consecutive all-time highs lately, has retraced by 8% in a day to around $110.
Cryptocurrency Market Overview. Source: Quantify Crypto
Revain has added the most value on a 24-hour scale with a 22% surge. Kusama, whose next parachain auctions start today, has gone to a multi-month high of over $400.
OKB, Elrond, Aave, and Arweave have also charted double-digit price increases, but the cumulative market cap has remained below $2.1 trillion.
Bitcoin’s Dominance Suffers
While some alts are heading north recently, bitcoin has struggled. The primary cryptocurrency failed at remaining above $49,000 during the weekend as the bears came back to play.
In the following few days, BTC firstly dipped below $47,000, tried to recover some ground, and pumped to nearly $49,000 once again before being pushed south in the past 24 hours.
This resulted in a multi-day low of $46,500 (on Bitstamp) reached just a few hours ago. As of now, bitcoin has recovered around $1,000 and currently stands above $47,000.
The market capitalization is just shy of $900 billion, but BTC’s dominance over the altcoins has dropped significantly. The metric has declined by about 3% in a few weeks and is down now to just over 42%.
BTCUSD. Source: TradingView