fbpx
QQQ
-2.71
348.05
-0.78%
DIA
-5.86
344.51
-1.73%
SPY
-7.07
429.04
-1.68%
TLT
+ 2.69
140.35
+ 1.88%
GLD
-0.87
166.72
-0.52%

Bitcoin Crypto Market Dominance On Verge Of Slipping Below 50% As Dogecoin, Other Minor Alts Charge Ahead

April 25, 2021 9:55 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Bitcoin Crypto Market Dominance On Verge Of Slipping Below 50% As Dogecoin, Other Minor Alts Charge Ahead

Bitcoin’s (BTC) market dominance is teetering on the verge of falling below 50% even as Dogecoin (DOGE) and other altcoins grow in stature.

What Happened: BTC had a dominance of 50.15% near press time. The number one cryptocurrency by market capitalization traded 1.27% higher at $50,686.32 at press time on Sunday night.

Percentage of Total Market Capitalization In Terms Of Dominance. Source CoinMarketCap.com 

Ethereum (ETH) — the next largest cryptocurrency by market cap — had a market dominance of 14.65% around press time, while DOGE enjoyed dominance of 1.76%. Other cryptocurrencies had a market dominance of 18.73%.

ETH traded 8.45% higher at $2,414.13 at press time, while DOGE traded 1.63% lower at $0.26.

At the beginning of April, BTC, ETH, and DOGE had a market dominance of 56.45%, 10.91%, and 0.35% respectively. Other cryptocurrencies had a dominance of 21.45%.

See also: Is Dogecoin a Good Investment?

Why It Matters: Bitcoin’s market dominance has not fallen below the 50% mark in three years and this could usher in the so-called altcoin season. 

Analyst Michaël van de Poppe predicted a “very bullish” summer for alt-coins previously, a sentiment echoed by some others on social media.

Meanwhile, gains in several cryptocurrencies associated with Decentralized Finance or DeFi and smart contracts have outpaced BTC — seen by some investors as digital gold — in terms of year-to-date returns.

See Also: 5 Best-Performing Cryptocurrencies Of Q1 (No — Bitcoin, Dogecoin Don't Make The Cut)

BTC has soared 74.5% since, while ETH has risen 225.33%. Cardano (ADA) has shot up 527.70% in the same time frame.

Solana, (SOL), Uniswap (UNI), AAVE (AAVE), and Polkadot (DOT) have shot up 3,011.92%, 752.86%, 354.46, and 318.4% respectively.

Read Next: Apple, Other FAANG Stocks Can Now Be Traded In DeFi Alongside Tesla: What You Should Know

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.


Related Articles

EXCLUSIVE: Building On Top Of Bitcoin May Not Be As Popular As Ethereum, Other Blockchains, But We're 'Close To Seeing Some Runaway Success,' Says Stacks

Stacks (STX) aims to bring smart contracts and decentralized applications, or DApps, to Bitcoin (CRYPTO: BTC). An attractive facet for some is the ability to earn BTC earning through a mechanism the project calls “Stacking.” Benzinga tal read more

Dogecoin Fans Launch Baby Doge Coin, With Average Daily Gain Of 1,213%

Dogecoin (CRYPTO: DOGE) fans have launched Baby Doge Coin (CRYPTO: BABYDOGE) in an attempt to improve its "transaction speeds & adorableness," according to the official website. read more

Pro Wrestler MJF Creates His Own Crypto Because Bitcoin, Dogecoin Are 'Garbage'

American professional wrestler Maxwell Jacob Friedman, who performs for All Elite Wrestling, has launched his own cryptocurrency. read more

Here's What's Happening In India's Uncertain Crypto Landscape

What Happened: After several conflicting reports over the course of the past few months, India may now move to officially classify cryptocurrency as an asset class. read more