12:16Bitcoin 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
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.
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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
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.
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