Crypto Fever Returns as Bitcoin Dominance Drops to 7 Month Low

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Crypto currency markets have been lifted again with over $13 billion added over the past 24 hours. Calls for altseason are returning as Bitcoin dominance falls but the majority of them are still in a world of pain price-wise.


Crypto Markets Moving

Altcoins have been driving momentum on crypto asset markets over the past few days as bitcoin continues to consolidate in the mid-$9k range. The king of crypto has made a new high of $9,750 however the intraday 6% move has been dwarfed by gains of many of its brethren.

Many altcoins are enjoying double digit gains today including a few of the higher cap ones. NEM is the top performing digital asset today with a whopping 28% surge over the past 24 hours.

Bitcoin Cash and Bitcoin SV are both gaining dual percentages with 14% and 12% respectively and Ethereum Classic is there with them surging 12% on the day.

Other top performing altcoins include Tezos, Zcash, Dash and BAT. Ethereum has made 9% in a move to break the psychological $200 barrier which could lead to sustained bullish momentum.

Bitcoin developer Jimmy Song pointed out that the altcoin fever may be a little premature considering that most of them are still way down from their peaks.

“If you’re excited by the altcoin rally, just remember most of these coins fell 90%+. A 92% drop followed by a 25% gain is still a net 90% drop.”

Ripple boss Brad Garlinghouse recently tweeted that his XRP token was outperforming bitcoin this year but he failed to acknowledge that it is still a whopping 92% down from its all-time high while Bitcoin has recovered to just 52% off its peak.

Even with Ethereum’s solid 58% gain this year, it is still 86% down from its giddy height of over $1,400 in January 2018.

Bitcoin Dominance Dwindling

According to Tradingview.com bitcoin dominance has dropped to its lowest level since early July 2019. The decline to 65.8% followed a death cross on the daily chart in late January as market share declines despite impressive gains so far



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@treepi - https://tothemoon.blog/
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i feel that bitcoin have dominated for too long and i would love to see alt-coins dominate too...

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