Subsequent to touching a record combined market cap of approximately one and a half trillion last week, altcoins have climbed to a 3-year dominance high.
While the largest cryptocurrency by market cap plunges in response to Elon Musk’s Twitter account yet again,the dominance of altcoins has increased to its topmost level in around 3 years.
At press time, Bitcoin represents roughly forty percent of the overall digital asset capitalization, which is the lowest it has been since June 2018, as per CoinMarketCap.
Notably, BTC touched a market dominance low of around thirty three percent in the month of January 2018 when it was plummeting from its earlier peak, while the altcoins were just thumping theirs. Presently, it is not very distant from its 2nd lowest level of thirty-six percent of 3 years back in the month of May 2018.
Presently, the entire capitalization of altcoins is standing at just over a trillion dollars, subsequent to establishing all-time highs of around one and a half trillion trillion dollars last week.
While BTC is now down around thirty five percent from its ATH touched on 14th April, a couple of altcoins have seen feeble pullbacks. On the other hand, ETH is presently down around twenty two percent from its recent high of 4,350 USD.
Meanwhile, some markets are surging in spite of the overall bearish trend, with ADA surging to achieve an ATH of 2.45 USD on Sunday.
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