The BTC dominance hits a 2-month low as ETH hits $1500 as a new all-time high. Other altcoins made impressive gains as well and pushed the total market capitalization to $1 trillion so let’s take a closer look at today’s altcoin news.
The BTC dominance hits a new low and continues declining as the cryptocurrency failed to reach $34,000 again. At the same time, other alternative coins outperformed BTC including Ethereum which marked a new all-time high today. Most of the altcoin market is in the green against the dollar. Binance Coin, Cardano, Ripple, and Polkadot increased by 1% in the past 24hours.
Litecoin, Chainlink, and Bitcoin Cash all added about 4% of the value but ETH outperformed all of the top ten coins. The second-biggest cryptocurrency jumped by more than 8% and saw an ATH of $1475 and the coin’s increase against BTC and reached a record as the new trading pair ETH/BTC surged to 0.0425 with the highest level since 2018 recorded. Elrond is now the most significant gainer of the top 100 coins after a 25% jump to almost $50. Some of these DeFi coins include Uniswap that increased 21%, Aave increased 13%, Compound increased 13% and Sushiswap increased 12%.
The developments with these coins pushed the total market cap to $1 trillion which means there was an increase of about $150 billion since Friday. While ETH headed for a new all-time high, the number one cryptocurrency is still struggling with breaching into higher levels. The reports showed that the cryptocurrency failed to break above $34K and retraced sharply. The correction continued in the past day and BTC dipped to a new low of $31,000.
The bulls took charge in the next few hours and spiked the asset’s price to $33,750. BTC was not able to proceed further and retraced to about $33,000. As such, the rising altcoins reduced Bitcoin’s dominance over the market once again which is now below 63%, marking a 7% decline in a few weeks.
As recently reported, Bitcoin’s realized volatility is at its highest level, similar to the ones seen in March 2020 but this is not necessarily a bad thing. ver the past month, the figure touched 103% as the data shows. This means that in the past 30 days, the BTC price deviated from the average price of 103%.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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