Bitcoin Continues To Lose Grip Over The Crypto Market Despite Surging To Record Highs
What Happened: At press time, BTC had a market capitalization dominance of 53.8%, which is lower than last week when the coin enjoyed market domination of 55.6%.
A Graph Indicating Dominance Of Various Cryptocurrencies, Courtesy CoinMarketCap
The second virtual currency in terms of market domination remains Ethereum (ETH) at 12.03%.
In terms of price, BTC traded 4.71% higher at $63,201.13 at press time while ETH traded 6.02% at $2,288.04 at press time.
The loss of dominance signifies the heralding of the so-called “altcoin season,” according to an analyst.
Michaël van de Poppe predicted a “very bullish” summer for alt-coins. Previously in January, he forecast a $10,000 price for ETH.
See also: Is Bitcoin a Good Investment?
Why It Matters: BTC has risen 9.56% on a seven-day trailing basis, however, several cryptocurrencies have outshined those gains.
XRP (XRP) is up 68.98% for the week and traded 25.14% higher on a 24-hour basis at $1.79.
Other notable weekly gainers include KuCoin Token (KCS), Binance Coin (BNB), PancakeSwap (CAKE), and Bitcoin Gold (BTG) all up by 49.27%, 38.91%, 37.78, and 36.42% respectively.
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