Bitcoin's dominance, a measure of the market capitalization of the digital asset relative to the broader crypto ecosystem, fell to a four-month low while altcoins surged.
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Bitcoin remains stable while altcoins gain momentum:
It may be altcoin season. This is what the numbers show, as Bitcoin's dominance has fallen to its lowest level since March, while altcoins like Ethereum (ETH) and XRP soared with double-digit gains, pulling market share from the dominant cryptocurrency.
Ethereum $ETH and XRP $XRP are currently the second and third largest coins after BTC respectively, and both have significantly increased in price over the last two days.
The seven-day performance of Ethereum was approximately 21%, while XRP rose nearly 24% over the week, according to C***********p. Bitcoin returned a modest 0.45% over the same period.
The irony is that Bitcoin triggered the potential altcoin rally.
BTC rose to $123,091.61 on Monday, reaching a new all-time high before traders and investors rushed to take profits.
Bitcoin's dominance was around 64.76% at the time, but after BTC fell below $118K due to selling pressure, investors turned to altcoins and trimmed 3% from the market capitalization of cryptocurrency, which now stands at 61.60% at the time of writing, according to T********w, the lowest level in almost four months.
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Market Metrics Overview
Bitcoin was trading at $117,978.73 at the time of the report, down 0.45% from yesterday, but showing a slight increase of 0.53% for the week. The digital asset traded between $117,453.24 and $120,999.61 over the last day.
The 24-hour trading volume fell to $58.68 billion, which is 12.4% less.
The market capitalization of cryptocurrency also slightly decreased by 0.57% to $2.34 trillion at the time of writing. But the dominance of BTC has been the key metric observed over the past few days. It fell by more than half a percent over the past 24 hours, decreasing by 1.02% to 61.60%.
The total open interest in BTC futures decreased by 1.34% to $85.71 billion from yesterday, according to C*******s.
Liquidations in Bitcoin over the last 24 hours increased to $169.31 million, as bulls saw $111.87 million washed out, while short position liquidations amounted to $54.77 million.
