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Bitcoin Slips as Altcoins Find Favor Amid Historic $2tn Milestone

CryptocurrencyApr 06, 2021 04:04PM ET
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By Yasin Ebrahim – Bitcoin stuttered Tuesday, as the wave of new funds coming into the market that took the overall market cap above an unprecedented $2 trillion appears to be hunting down opportunities in other cryptocurrencies showing healthy momentum.

BTC/USD fell 1.42% to $58,259 and is down about 1% over the past seven days.

BTC's dominance rate – the ratio of BTC market cap over total market cap – fell to 55%, it's lowest level since June last year, according to CoinMarketCap, as the influx of new funds found its way to red-hot cryptocurrencies like ether and Binance's BNB.

ETH/USD rose 0.58% to $2,117.2, gaining more than 15% over the past seven days, on growing demand for ether, used to power the Ethereum network, the technology behind the emerging blockchain-based technology such as decentralized finance, or DeFi, applications and non-fungible tokens, or NFTs.

BNB/USD was up 5% to $391.8, with gains of about 31% over the past seven days, and its market cap has more than quadrupled over since hitting a trough in January.

BNB, used on Binance, the largest cryptocurrency exchange by volume, has risen to the third most valuable crypto by market cap as the ongoing appreciation in crypto continues to attract more users to the platform.

Yet, despite the rising interest in altcoins, bitcoin is expected to reign supreme for the long haul, backed by demand from big institutional investors and ongoing signs that long-term demand remains intact.

Goldman Sachs (NYSE:GS) reportedly will soon jump into bitcoin, creating a new Digital Assets Group within its private wealth management division, Barron's reported, citing a memo that was delivered to employees of the bank.

Bitcoin Slips as Altcoins Find Favor Amid Historic $2tn Milestone

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Halifa kabeer abdullahi
Halifa kabeer abdullahi Apr 06, 2021 4:58PM ET
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