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Bitcoin Dominance Is Going Down as Altcoin Prices Rise

CryptocurrencyApr 08, 2021 05:00AM ET
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Bitcoin Dominance Is Going Down as Altcoin Prices Rise

  • Bitcoin dominance (BTCD) has hit its lowest level since mid-September.
  • The crypto economy believes that next-gen blockchains are finally coming to rise.
  • BTCD had dropped by 50% in the last 24 hours.

Bitcoin dominance (BTCD) has hit its lowest level since mid-September as altcoin prices surge. The next-generation blockchains were seen to advance compared to their predecessor.

The basic indicator of the condition of altcoins is the bitcoin dominance index. After eight weeks of moving tightly, there was a clear breakdown and the BTCD closed at 5% down last week.

While Bitcoin is still the best-known cryptocurrency, an important part of the crypto economy believes that next-generation blockchains are finally coming to rise.

Tradingview)

BTCD had dropped by half a percentage point in the last 24 hours. This Thursday afternoon, it is likely to drop more according to Tradingview. That is down significantly from January when Bitcoin’s market capitalization represented 73.66 of the crypto market. This was BTC’s highest level since July of 2017.

With the drop of BTCD to an important area, crypto analysts and commentators hypothesize that the great altcoin season is coming.

On Sunday, cryptocurrency trader Pentosh1 tweeted a bitcoin dominance chart, assuming a potential long-term support level between 52-53%. In addition to that, Pentoshi stated that the downward movement can become parabolic.

Despite BTDC Drop, Altcoins Continues to Spike

As per CoinGecko data, 62 of the top 100 cryptocurrencies had gained over the past 24 hours. Tron (TRX) is the top gainer with an increase of 8.8%. However, Theta token falls out of the top 10 after its recent rise. It moved to 11th place and had a decline of 8 percent in the last 24 hours.

Filecoin (FIL) jumped four coins becoming the 11th biggest cryptocurrency by its current market capitalization. Filecoin’s recent surge came after Grayscale invested on March 17 along with Decentraland (MANA), Basic Attention Token, Livepeer, and Chainlink.

Read also: 9 Best Altcoins to Invest in 2021 other than Bitcoin and Ethereum

This article was first published on coinquora.com

Continue reading on CoinQuora

Bitcoin Dominance Is Going Down as Altcoin Prices Rise
 

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