BTC Dominance Hits 2-Month Low As ETH Reaches $1500: Analysis

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.

BTCUSD. Source TradingView

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%.

crypto market cap
Crypto Market Cap. Source CoinMarketCap

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.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

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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