Bitcoin Dominance Plunges as Altcoins Turn Bullish
The Bitcoin dominance has touched a two-month low position as major altcoins are doing their best. Ethereum, the leading altcoin, has reached a new all-time high today.
Global Crypto Market Cap Nears $1 Trillion
The global crypto market is close to touching $1 trillion as major cryptocurrencies are booming. Bitcoin is not the only cryptocurrency that is pushing the global market cap high, but there is a greater role of altcoins.
In today’s trading session, Ethereum’s price registered a new all-time high after claiming $1,475 on cryptocurrency exchanges. Ethereum pair against BTC has also claimed the highest level since mid-2018. Ethereum value has surged by 7.93% in the previous 24-hours while it is up 18.44% in the last seven days. The market cap of the leading altcoins is standing at over $162 billion.
Similarly, other major coins are also bullish. Polkadot (DOT), Cardano (ADA), Chainlink (LINK), Litecoin (LTC) and Bitcoin Cash are up 1.07%, 1.25%, 1.89%, 1.46%, and 3.39% in the last 24-hours.
In the list of top 100 coins, Elrond is the winner as it has jumped by 25% over the day. Similarly, Uniswap and Aave tokens are also up 21% and 13%, respectively.
However, the leading digital currency is struggling to cross $34,000 but is failed in its recent attempts. Yesterday, it also failed to break the $34k level and then retraced due to a slight bearish blow. Yesterday’s trading session closed with $31,000. Earlier today, the BTC price reached $33,750 with the help of bulls on the crypto exchange Bitstamp.
The high performance of altcoins has pushed the dominance of the top digital coin low. Currently, Bitcoin’s dominance is standing at 62.70% after a slight decrease of 0.63% over the day.
Famed crypto strategist Michaël van de Poppe revealed his list of coins to watch in 2021. According to him, the coming altcoin season will leave investors in amazement. He claimed he was watching Polkadot closely before it became the fourth-largest cryptocurrency in the world. Besides the DOT token, he is also bullish on other coins such as Cardano (ADA), Zilliqa (ZIL), ICON (ICX), Elrond (EGLD), and Cosmos (ATOM).
A lot of crypto market observers believe that altcoins will outperform, and the bubble of 2017 will seem a little thing against the incoming altcoin season.
The global crypto market is standing at $985.21 billion after surging by 2.58% in the last 24-hours.