Altcoins Outperforming Bitcoin
While bitcoin has seen a slight increase in price over the past 24 hours, many altcoins have outperformed it, causing its market dominance to decrease by approximately half a percentage point.
Alts on a Roll
Binance Coin has experienced the largest surge among larger-cap altcoins, with a significant 12% increase that has propelled its price to $330. Meanwhile, SOL has decreased by over 6%, allowing BNB to regain its fourth place position in terms of market cap. Cardano has also seen a substantial increase of 9% and is now trading above $0.65. Ethereum is up by 6% and sits close to $2,400. Other impressive gainers among larger-cap altcoins include Chainlink (14%), Uniswap (10%), Bitcoin Cash (11%), and ICP (7%). However, Avalanche, Polkadot, MATIC, and Toncoin are experiencing losses.
Among the top 100 altcoins, Bitcoin SV has seen the most significant price surge, soaring by 60% and now trading above $90. ARB, AAVE, LDO, OP, and XDC have also experienced gains ranging from 15-20%. The total crypto market cap has increased by over $40 billion daily and currently sits at around $1.7 trillion on CMC.
Bitcoin’s Price Stalls Below $44K
The price of bitcoin had a tumultuous start to the week. After hovering around $43,000 during the weekend, it dropped to $42,500 on Monday and hit a weekly low of $41,600 on Tuesday.
However, the bulls stepped in and pushed the price back up in the following days. It reached a peak of $43,800 earlier today, but then retraced by around $1,000. Despite being up 1% on the day and currently trading above $43,000, bitcoin’s market dominance has suffered a significant decrease of 0.5% in just one day, falling below 50%. Its market capitalization, on the other hand, has rebounded to over $840 billion.
Hot Take: Altcoins Surpass Bitcoin as Market Dominance Decreases
In the past 24 hours, altcoins have outperformed bitcoin, causing its market dominance to decrease by approximately half a percentage point. Binance Coin has experienced the largest surge among larger-cap altcoins, while Bitcoin SV has seen the most significant price increase among the top 100 altcoins. Meanwhile, bitcoin’s price has stalled below $44,000 and its market dominance has taken a major hit. Despite this setback, bitcoin’s market capitalization remains strong. As the crypto market continues to evolve, it will be interesting to see how altcoins shape the future of digital currency.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen’s contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.
