Editor's PiCK
[Analysis] Bitcoin Dominance, New Weekly Low 56.74%... "Altcoin Strengthening"
Summary
- The price bottom of Bitcoin last week appeared along with a decrease in Bitcoin dominance.
- The decline in Bitcoin dominance shows the strengthening of altcoins, especially Ethereum Name Service, Algorand, etc., which showed a large increase.
- Many altcoins are showing better performance than Bitcoin, indicating an increase in fund inflow.
During the past week, the Bitcoin (BTC) market price showed a short-term rise, but Bitcoin dominance (the proportion of Bitcoin in the total market capitalization of all assets) appeared to have declined. Many altcoins are showing strong growth, overshadowing Bitcoin.
According to TradingView at 15:38 on the 2nd, Bitcoin dominance continued its new weekly low, showing 56.67%. During the same period, Bitcoin rose approximately 5% from 9,200 dollars to 9,640 dollars. Dominance recorded a high of 61.53% on the 21st of last month and then turned to a low.
On the other hand, the decline in Bitcoin dominance is interpreted as a sign that funds are flowing into altcoins. As the price of Bitcoin rises, the decline in Bitcoin dominance can be interpreted as many altcoins showing better performance than Bitcoin.
In fact, during the past week, Ethereum Name Service (ENS) showed a 97% increase, Klaytn (KAIA) 41%, and Algorand (ALGO) 79% increase. Besides this, many altcoins showed a two-digit increase rate, showing a large rebound.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
