The crypto market offers investors another day of the “alt season” as most of CoinMarketCap’s top 100 altcoins have gathered today.
Some big tokens hit highs for the first time in years, all because Bitcoin (BTC) prices struggled to maintain the news event-driven profits that occurred throughout the week. Did.
One of the most notable performances was performed by Ethereum Classic (ETC).No changeThe Ethereum (ETH) fork has been in the spotlight this week as its dedication to the proof-of-work consensus mechanism has attracted the attention of miners and retail “Robinhood” investors.
Data from Cointelegraph Markets and TradingView show that after hitting a low of $ 86.12 early on Thursday, ETC prices rose 81% and 24-hour trading volumes surged record-breaking in history. It reached a high of $ 179.83. $ 39.1 billion.
Recently, some large cryptocurrencies have increased significantly. For example, Litecoin (LTC) hit a year-long high compared to BTC, and Bitcoin Cash (BCH) rose 68%, surpassing $ 1,500 for the first time since May 2018. ..
Layer 1 solutions surge as volume increases
Ether hit a record $ 3,605 as excitement continued to rise ahead of London’s hard fork and the upcoming implementation of EIP-1559 in July.
Selection subject # Ethereum Gas rate overhaul #EIP-Scheduled for July 1559 #London Network upgrade via https://t.co/mQrxvSt7aa @cointelegraph
— Proof ⟠ (@AttestantIO) March 8, 2021
Cardano’s ADA token is another top 10 project, with its price reaching a record high of $ 1.69 and Tezos (XTZ) rising 23% after the start of the trading day to a high of $ 8.05.
Some of the “Etherium Killers” born from the bull market in 2017-2018 are EOS, whose price rose 50% during the day to a peak of $ 12.57, and Neo (NEO), which surged to a high of over $ 128. ), Etc., showed a double-digit increase. Before a general market recession leads to a drop in most of the prices.
Bitcoin’s dominance drops to new lows
The steady strength shown by Altcoin has steadily reduced Bitcoin’s dominance over the past month, dropping to a low of 45.25% on May 6. According to analysts, this is another sign that the altcoin season is fully enabled.
Institutions appear to be very much in favor of Bitcoin and, to a lesser extent, Ether, but retailers offer greater profit potential, as evidenced by the recent Dogecoin (DOGE) price explosion. I am attracted to low-priced tokens.
If this trend continues, Bitcoin’s dominance may continue to decline as new funds flowing into the crypto ecosystem through Stablecoin are more widely dispersed.
The overall market capitalization of cryptocurrencies is currently $ 2.346 trillion and Bitcoin’s dominance is 45.5%.
The views and opinions expressed here are those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and transaction movements carry risks. When making a decision, you need to do your own research.