The dominance of alternative cryptocurrencies reaches its highest level in 3 years
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Answer The dominance of alternative cryptocurrencies reaches its highest level in 3 years
Altcoin’s dominance of the crypto market has reached its highest level since June 2018 after the price of Bitcoin plunged over the weekend.
At the time of writing this article, Bitcoin dominates and is stable at 40%, while Ethereum is close to 20% dominance.
The rest is shared by the rest of the alternative cryptocurrencies.
The price of the bitcoin currency fell to levels below 50 thousand dollars, but despite that it is still up by about 55 percent since the first of January.
A number of analysts are pointing the finger at Elon Musk, who suddenly announced that the company would stop accepting bitcoin payments.
Read:Besides Bitcoin, five cryptocurrencies to consider this week
Musk also hinted that Tesla might be offloading some of its bitcoin holdings, but later clarified that Tesla has not sold any of its bitcoins.
Is this the season for altcoins?
Analysts have noted a continuing trend towards altcoin season for several months now.
In early May, Chad Stinglas, Head of Commerce at CrossTower stated:
As BTC was struggling to find the upside, Ethereum and many other coins captured the attention of traders.
While Bitcoin’s performance has received significant positive coverage this year, interest in it has dwindled compared to the performance of Ethereum and other altcoins.
Stinglas added in his statement:
Bitcoin bulls were hoping for some good news
After the record highs of bitcoin at the end of April, speculators raised their hopes for the upside and the announcement of another company adding bitcoin to its reserves.
However, earnings reports came and went without mentioning Bitcoin
Even the major companies that have already participated in the Bitcoin rally, have announced that they are changing their plans towards Bitcoin.
Read:More than 800,000 NFT minted in Cardano since March with increasing number of projects built on it
Some crypto analysts believe that Tesla’s initial entry into Bitcoin would inspire other companies to do the same, but the general entry of other large companies into Bitcoin and other cryptocurrencies did not materialize in a way that many observers hoped.
Now that Tesla has backed away from accepting Bitcoin, it looks like the opposite may happen, and other altcoins may turn their attention.
Read also:
Seven Reasons Putting Ethereum on the Way to Hacking $10,000!
Bitcoin rebounds at $2,500 after Elon Musk’s latest Twitter statement
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