Bitcoin’s Dominance Has Retraced To A Two-month Low

Bitcoin’s dominance continues to decline as the cryptocurrency fails to breach above $34,000. At the same time, most alternative coins have outperformed BTC, including Ethereum, which marked a fresh all-time high earlier today.

Most of the altcoin market is slightly in the green against the dollar. Ripple, Binance Coin, Cardano, and Polkadot have increased by approximately 1% in the past 24 hours.

Litecoin, Chainlink, and Bitcoin Cash have added nearly 4% of value, but Ethereum has outperformed all top ten coins.

The second-largest digital asset jumped by more than 8% and saw a new ATH of $1,475, as reported. Additionally, ETH’s rise against BTC has also reached a record as the trading pair ETH/BTC surged to 0.0425 – the highest level since mid-2018.

Nevertheless, Elrond is the most significant gainer from the top 100 coins after a 25% jump to almost $50. Several DeFi tokens follow. Those include Uniswap (21%), Aave (13%), Compound (13%), SushiSwap (12%), and more.

The developments with most alternative coins have pushed the total market capitalization to almost $1 trillion. This means an increase of about $150 billion since last Friday.

While ETH headed for a new ATH, the primary cryptocurrency continues to struggle with breaching into higher ground.

Bitcoin failed to break above $34,000 and retraced sharply.

However, the bulls took charge in the following hours and spiked the asset price to $33,750 (on Bitstamp). Nevertheless, BTC couldn’t proceed further and has retraced slightly to about $33,000.

As such, the rising altcoins have reduced bitcoin’s dominance over the market even more. The metric comparing the market capitalization of BTC with all other coins have dropped beneath 63% – a 7% decline in a few weeks.

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