Bitcoin dominance drops to lowest level in 7 months

Although bitcoin is close to its historic high, altcoins are up sharply this week, which has helped bitcoin reach its lowest cryptocurrency marketshare in the past seven months.

Last week, a crash lowered Bitcoin’s price by 10% in one day. This week, everything is different: markets are up and Bitcoin is rising.

Bitcoin’s price is now more or less back to where it left off before the crash. Although it has not yet surpassed its old record of $ 61,684, set three weeks ago, it is currently valued at $ 59,668.

That said, Bitcoin’s market dominance is at a seven-month low. At the turn of the new year, Bitcoin represented 72% of the market. But it has since dropped to 58.47%. Market dominance measures how the market capitalization of a specific currency compares to the total market capitalization of tradable cryptocurrencies.

All of this means that Bitcoin is still the center of attention, but not that much.

Consider Ethereum, the second largest cryptocurrency by market capitalization. Ethereum finally managed to cross $ 2,000 yesterday and even set a new historic record. On February 20, it surpassed $ 2,000 briefly to reach $ 2,036 and finally managed it again yesterday, when it surpassed $ 2,152.

But the biggest in the top 20 cryptocurrencies by market capitalization were obtained by Polkadot, XRP, Uniswap, Chainlink and BitTorrent.

Polkadot was up more than 20% today, trading at $ 46. The bump comes three days after Kraken CEO Jesse Powell said he believed Polkadot could outperform Ethereum with its cheaper transaction fees. Considering that Ethereum’s average transaction fee went from $ 13 to $ 22 in a single day due to increased demand, Powell may be right.

And Chainlink rose 6% to trade at $ 32.44, while Uniswap rose nearly 8% when traded at $ 31.42. A comparable overnight gain was also achieved by XRP, which grew by almost 7% to reach a price of $ 0.063. At market value, XRP is now worth more than before it was hit by a $ 1.3 billion lawsuit from the United States Securities and Exchange Commission, which claims that Ripple Labs distributed it as an unregistered security.

Finally, the BitTorrent token (BTT) reached its ATH of $ 0.00778. It has grown 30% since yesterday and had a 91% increase in one week.

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