The largest cryptocurrency by market cap hasn’t moved outside of its tight trading range for over a week, while low-cap altcoins surge. As a result, Bitcoin’s dominance has fallen to its lowest level in five months.
Altcoins continue gaining traction, while Bitcoin remains calm. This decreases BTC’s dominance over the cryptocurrency market down to 62%, which is the lowest point in five months.
Altcoin Market Rises To The Occasion
The past 24 hours come as another example that the altcoin market is fluctuating massively lately. This is especially evident among lower-cap alternative coins. Today’s leader is Terra (LUNA), with a surge of nearly 40% towards $0.37.
Band Protocol is next after going up by 32% and entering the top 100 coins. The company recently partnered with decentralized gaming platform BetProtocol and, upon the integration, will provide “reliable oracles for premium sports and Esports data.”
Another significant gainer is Swipe. SXP hasn’t slowed down its impressive run upwards that started a few days ago. The Visa debit card platform recently acquired by Binance traded at $0.55 a week ago and is up to $1.9 now. This represents a 7-day surge of over 200%.
Ampleforth (AMPL), Kava (KAVA), and Quant (QNT) are also representatives of the double-digit increase club at the time of this writing.You Might Also Like:
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On the other scale sits Flexacoin. FXC doubles-down on its increased volatility lately, this time by a 25% plunge. Elrond and Reserve Rights also lose value – 9% and 6.5%, respectively.
The situation among the large-cap altcoins is more modest with one condition. While Ethereum, Ripple, Bitcoin Cash, Bitcoin SV, and Cardano haven’t moved sharply in either direction, Binance Coin is up today by more than 5%.
The leading cryptocurrency exchange recently burned over $60 million worth of BNB. The uptick could also be attributed to rumors that the Binance Launchpad will carry out a new IEO.
Lack Of Movement Decreases BTC Dominance
As it has become apparent in the past week, Bitcoin refuses to take a decisive step outside of its familiar trading zone of $9,000 to $9,300. A few hours ago, the primary cryptocurrency attempted a move upwards but couldn’t pass above $9,250 on Bitstamp. The rejection pushed BTC down towards $9,180.
Consequently, since Bitcoin can’t retake the coveted $9,300 resistance line again, while most altcoin increase in value, BTC’s dominance over the market decreases. The metric measures Bitcoin’s total market capitalization compared to all other digital assets.
Data from CoinMarketCap reveals that Bitcoin’s dominance has been gradually decreasing since the 2020 halving when it peaked at over 67%. Now, however, it’s down to 62%, which marks its lowest point in over 5 months.