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Bitcoin's "dominance" fades, Ethereum, DOGE, XRP and other tokens are fully blooming



Bitcoin continued to trade sideways this week, with Ethereum (ETH) and other altcoins becoming bright spots. In terms of market value, Bitcoin’s dominance has dropped from 75% to below 50% in 2021, and Ethereum’s market value has increased. To 17%; Ethereum hit a record high of $3,541.46 this week, and Dogecoin (DOGE) also rose to near a record high again. Analysis pointed out that the skyrocketing Dogecoin is the main indicator of the altcoin season.

ETH’s most recent all-time high (ATH) came on Wednesday at $3,541.46, and by Friday, the price of ETH stabilized around $3,460.27. Dogecoin (DOGE) also hit a new all-time high of roughly $0.69 yesterday; CoinTelegraph called DOGE’s rise “a leading indicator of token season.”

Bitcoin dominance is declining

Foreign media: Bitcoin’s recovery last week was not caused by Russia’s purchase of cryptocurrencies: March 4 news, industry experts attribute Bitcoin’s rise of more than 15% last week to the fact that Russians are facing economic sanctions The theory that buying cryptocurrencies at this time is wrong. According to Chainalysis data, the ruble-denominated cryptocurrency trading volume on March 3 was only 34.1 million US dollars, about half of the peak of 70.7 million US dollars on February 24. (Cointelegraph) [2022/3/4 13:37:03]

In terms of market value, Bitcoin’s dominance has dropped from 75% to 45%, a three-year low; Ethereum’s market value has risen to 17%.

Bitcoin broke through $53,000/coin, another record high: Bitcoin rose above $53,000/coin, another record high, with a 24-hour increase of 2.5%. [2021/2/19 17:31:25]

Bitcoin Sideways: Token Takes Investors' Money in Crypto Market

Michael Dalesandro, founder and CEO of Chicago-based RockItCoin, said that we are starting to see the cryptocurrency market maturing, and the distribution of wealth in the cryptocurrency market seems to be changing.

“Bitcoin’s dominance by market cap has dropped from 75% to below 50% in 2021, so additional capital is flowing into alternatives that exist in altcoins, which have proven to grow substantially.”

82% of CME Bitcoin options contract transactions in the past week came from 5 large transactions: Jinse Finance reported that the volume of Bitcoin options contracts on the derivatives exchange CME Group (CME) increased significantly in the past week. Between May 12 and May 19, a total of 3,059 bitcoin options contracts were traded on CME. 81% of them (2490 contracts in total) came from 5 large trades. Four of the five block trades were 310 contracts in size, while the trade executed on May 19 contained five contracts. [2020/5/21]

Benjamin Leff, Chief Operating Officer at Sheesha Finance, told Finance Magnates that bitcoin has taken a backseat while the altcoin season is picking up. In other words, the strong performance of many altcoins over the past few weeks appears to have attracted more and more buyers.

Golden Morning News | Self-service bitcoin purchase machines appeared in Beijing BTC broke through $8,200 again: 1.BTC broke through $8,200 again, other mainstream digital currencies generally rose

2. Lite.Im platform now supports WhatsApp to send and receive BTC and LTC

3. Coinbase CEO: Coinbase may support Lightning Network in the future, but the specific implementation time has not been determined

4. Tel Aviv runs an encryption project to encourage the use of encryption technology for daily payments

5. Bitfinex CTO: LEO trading will be opened on Bitfinex tomorrow

6. Zhao Dong: Renrenbit recharged 2280 USDT to his Bitfinex account

7. Report: Cloud Token is suspected of being a fraudulent securities investment plan, attracting investors by registering with ASIC

8. Circle released the USDC USD reserve report: 100% USD reserve support was achieved by the end of April

9. The original BCH core development team Copernicus and Wormhole team will participate in the development of CET public chain

10. Self-service Bitcoin purchase machines appeared in Beijing[2019/5/20]

Chad Steinglass, director of buying and selling at CrossTower, said that after the consolidation of BTC in late April, the bulls were hopeful that another company would announce that it would put BTC on its balance sheet. However, in fact, among the most important companies already concerned, TSLA Having slashed their holdings, MSTR has not increased in the recent decline.

Bitcoin's 'Rival' ETH Hit Another All-Time High

What are the next cryptocurrencies with income potential compared to Bitcoin? All eyes are on ethereum (ETH) this week. The native token of the Ethereum community reached yet another all-time high.

Of course, over the past year, ETH has been constantly setting new historical highs. Therefore, the performance of ETH has surpassed BTC several times.

Dalesandro told Finance Magnates that bitcoin is just a cryptocurrency, while ethereum is both a cryptocurrency and a platform for decentralized software programs. It also helps a lot of ERC20 tokens, which I guess is channeling funds from Bitcoin to Ethereum.

XRP ready to go

As ETH continues to soar, another standard token, XRP, is also trading sideways. Some analysts believe that this may be due to the ongoing struggle of the forex creator Ripple Labs with U.S. securities and alternative fees.

Of course, Ripple’s battle with the SEC began in December, when the commission filed a lawsuit against Ripple Labs. At the time, the SEC claimed that Ripple Labs had illegally purchased unregistered securities (XRP).

Throughout the case, Ripple Labs has maintained that Ripple remains a commodity, and, in some cases, it is clear that Ripple may also be a protagonist in a licensing battle. Analysts claim that some court victories could be boosting XRP's value: when the lawsuit took place in December, the value of XRP fell to about $0.20. At the time of the interview, the value had risen to $1.58.

However, the outcome of that case remains unclear, and it is likely that buyers are biding their time before making large-scale choices about their holdings. After peaking at $1.91 in April, XRP has been trading sideways for much of the last three weeks.

What is the long-term outlook for XRP? Benjamin Leff, Sheesha Finance's Chief Operating Officer, told Finance Magnates. “There are conversations that XRP will be listed once the case with the SEC is resolved.”

Leff also noted that there has been a lot of experience buying XRP recently. Citing information from Santiment, CryptoSlate reported on April 29 that addresses holding more than 1 million XRP, commonly known as “XRP whales,” had increased by 1.25%, which equates to approximately 19 new “whales.”

DOGE Becomes a Leading Indicator of Token Season

Matthew Unger, founder of iComply, told Finance Magnates that the rise in DOGE is the "biggest message of the past 3 months".

We would expect to see DOGE turn into a serious contender as it was once in the top four by market cap, the community continues to be undervalued as it is as a joke, however, DOGE has a lot going for it, it's just not priced in.


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