Bitcoin (CRYPTO: BTC) dominance dipped below 50% for the first time in nearly three years last week, Meltem Demirors, chief strategy officer of CoinShares, said Monday on CNBC's "Squawk Box."

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

A lot of the volatility in Bitcoin is caused by traders, Demirors told CNBC. 

Ethereum (CRYPTO: ETH) is the main cryptocurrency having an impact on Bitcoin dominance, she said. Investor sentiment surrounding Ethereum is changing, Demirors noted, adding that a lot of investors are rotating their Bitcoin gains into Ethereum. 

See also: How to Buy Ethereum (ETH)

Dogecoin (CRYPTO: DOGE) has become extremely popular recently as the meme-based cryptocurrency surged to nearly $0.50 in recent weeks.

CNBC's Andrew Ross Sorkin noted that Dogecoin started as a joke and asked Demirors if the meme-based cryptocurrency has made a mockery of the cryptocurrency asset class. 

Demirors responded Dogecoin doesn't invalidate anything else happening in the crypto space, the same way that GameStop Corp. (NYSE:GME) doesn't invalidate the rest of the stock market.

Whether we like it or not, Dogecoin is here, she said, adding that "the people seem to like it."

Related Link: Doge Bounces Back From Post-4/20 Losses; What Lies Ahead For The Meme Coin

Price Action: Bitcoin is up 84.97% year-to-date. 

Ethereum is up 236.23% year-to-date.

Dogecoin is up 5,597.76% year-to-date.

(Image by TheDigitalArtist from Pixabay)