Leading altcoins Ethereum ETH/USD, Cardano ADA/USD, and Binance Coin BNB/USD hit fresh all-time highs on Monday, as Bitcoin’s market dominance fell to a three year low of 43%.
What Happened: Ethereum gained 12% overnight to hit a new high of $4,165 earlier today, pushing yearly returns for the second-largest cryptocurrency past 2000%.
Year to date, Ethereum has outperformed Bitcoin by 141%, and its market dominance rose to a three-year high of 19%.
ETH wasn’t the only altcoin to trade higher against Bitcoin.
Cardano’s native cryptocurrency ADA rose as high as $1.83 on several major crypto exchanges, outperforming Bitcoin by 419% year to date.
Crypto exchange Binance too saw its native token Binance coin (BNB) record a new high earlier today.
BNB surged to $690 as 24-hour trading volume increased 10% to $4.7 billion, according to data from CoinMarketCap.
Why It Matters: With leading altcoins growing steadily as Bitcoin struggles to find support above $58,000, market momentum looks poised for “alt season” to come into full effect.
See also: What Is Cardano?
According to one cryptocurrency analyst, the price movement of these large cap altcoins indicates a new phase of the current altcoin season.
Everyone wants to know where we are at in my "Path to Altseason" chart.
— Secrets (@SecretsOfCrypto) May 6, 2021
We're in the Phase 2-3 overlap. Large caps are starting to move. Phase 2 has heated up and we're seeing early signs of Phase 3. PHASE 3 incoming! pic.twitter.com/tCZdNx995c
“We're in the Phase 2-3 overlap. Large caps are starting to move. Phase 2 has heated up and we're seeing early signs of Phase 3. PHASE 3 incoming,” said the analyst known as “Secrets” on Twitter.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
