19:22Bitcoin (BTC) Dominance Pushed Below Three-Month Lows: Possible Reasons
Bitcoin (BTC) dominance, a ratio between the market capitalization of Bitcoin and the rest of the cryptocurrency market, has not been so close to psychologically significant lows since mid-October 2020. BTC.D plummeted more than 11 percent in January. Here are some possible reasons for this process.
BTC.D targets 60 percent
BTC.D close to three-months lows at 60%
Thus, BTC.D erased all gains from its impressive December 2020 rally. On Jan. 3, 2021, it touched a 15-month high over 73 percent. Mostly, this massive spike can be attributed to the Ripple drama that resulted in the free fall of XRP capitalization.
As reported by U.Today, in the first week after SEC's lawsuit against Ripple Inc. and its leaders, Brad Garlinghouse and Chris Larsen, the BTC.D ratio added seven percent. Some analysts even noticed the migration of "XRP money" into Bitcoin (BTC).
Ethereum (ETH), Cardano (ADA), Binance Coin (BNB): three flagship assets of the altcoin season
For instance, the second cryptocurrency, Ethereum (ETH), is up 116 percent since December 2020. Two days ago, it printed a historical high over $1,750 on major spot exchanges.
Binance Coin (BNB), a native cryptocurrency of world-leading digital assets ecosystem Binance, also went through the roof. Its price added 58 percent in the past seven days. At press time, BNB slightly retraced and is sitting above $70.
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