Bitcoin Dominance at 7-Month Low: Polkadot Soars 20% To New ATH (Market Watch)

  


Bitcoin’s inability to overcome $60,000 has caused him a massive chunk of its dominance in the past few weeks as the metric is down to a 7-month low well beneath 60%. In contrast, some altcoins have charted impressive gains, including new all-time high records for Ethereum and Polkadot.

Polkadot’s ATH Takes it to 4th Place

The past several days have been quite bullish for the altcoin market. Ethereum led the charge with several consecutive green daily candles, resulting in breaking above the coveted $2,000 once more yesterday.

Furthermore, the second-largest cryptocurrency didn’t stop there and continue upwards for a new ATH at just shy of $2,150 (on Bitstamp). Despite retracing slightly since then, ETH is still above $2,100.

Binance Coin has declined a bit since yesterday’s record of over $350 and trades around $340. Cardano and THETA have marked minor gains, while Litecoin (6%) and, even more notably, Ripple (12%) and Uniswap (11%) are well in the green.

Nevertheless, Polkadot is the biggest gainer from the top ten with a massive 22% surge on a 24-hour scale. As a result, DOT painted an ATH of its own at $46.5 and also became the fourth largest cryptocurrency by market cap.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from Holo (57%), Livepeer (42%), BitTorrent (19%), EOS (14%), Solana (13%), and Cosmos (12%).

Consequently, the total market cap of all crypto assets has remained above $1.9 trillion, but It’s still about $30 billion away from touching $2 trillion for the first time.

Bitcoin’s Dominance Falls to a 7-Month Low

And while most alternative coins have painted serious gains in the past few days, bitcoin has stalled beneath $60,000. The primary cryptocurrency dabbles with that particular price line for a while now, but all attempts to overcome it were followed by a violent rejection that drove it south.

In the past 24 hours, BTC came inches away from touching $60,000 again, but the subsequent retracement dipped the asset to an intraday low of roughly $58,500.

Despite recovering several hundred dollars of value and trading above $59,000 as of writing these lines, bitcoin’s dominance has suffered a major blow.

The metric comparing BTC’s market capitalization with all other crypto assets is down to 58.4%, according to TradingView’s Bitcoin Dominance Ticker. This is the lowest percentage it has been since mid-September 2020. Moreover, the metric was well above 70% in early January 2021.

Bitcoin Dominance. Source: TradingView
Bitcoin Dominance. Source: TradingView
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Cryptocurrency charts by TradingView.



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