Bitcoin dominance continues to decline as Bitcoin failed to break above $34,000 in the past hours to break through at the time of writing.

At the same time, most altcoins outperformed BTC in terms of performance, including Ethereum, which hit a new all-time high earlier today, which we mentioned in an article titled:

The price of Ethereum hits a new record, and the number of Ethereum shares reaches a value of 4 billion dollars

The decline in the dominance of Bitcoin has allowed the altcoin to rebound, with a total value of more than $1 trillion.

The total value of the crypto market rises above the $1 trillion level:

Most digital currencies are colored green against the dollar.

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Ripple, Binance, Cardano and Polkadot are up 1% in the last 24 hours.

While Litecoin, Chainlink and Bitcoin Cash added nearly 4% to their value, Ethereum outperformed all of the top 10 coins.

Ethereum, the second largest cryptocurrency, jumped more than 8% and saw a new record high of $1,475.

In addition, the rally of Ethereum against Bitcoin reached a record high with the trading pair “ETH/BTC” rising to 0.0425, the highest level since mid-2018.

Among the alternative digital currencies that have been performing remarkable in the recent period is the digital currency “Elrond”, which is within the 100 largest digital currencies in terms of total market capitalization, as this coin managed to rise by 25% and reached nearly $50.

Decentralized finance currencies also shined, with “UNI” by 21%, “AAVE” by 13% and “COMP” by 13%.

Recent developments in the rise in the price of altcoins have pushed the total market cap to nearly $1 trillion.

That is an increase of about $150 billion since last Friday.

Bitcoin fails to break above $35,000 and loses dominance:

With Ethereum achieving a new historical peak, the alternative and major digital currencies continue to struggle to breach their higher levels recorded earlier.

Read:A member of the US Congress warns against Bitcoin and sees it as a threat to the US dollar

The bitcoin failed to breach the $34,000 level in the past hours, to do it in these moments and break through it after several attempts that lasted in the last 24 hours, as the price of bitcoin fluctuates at the time of writing this article at $34,000-$34,200.

The bulls took over in the following hours and the price of the coin increased by breaching $34,000, according to the coinecko website.

As such, the rise of altcoins has further reduced Bitcoin’s market dominance.

The metric that compares the market capitalization of BTC with all other altcoins has fallen below 62% which means an 8% drop in a few weeks.

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