Bitcoin’s Dominance Falls To 7-Month Low As Altcoins Surge

Bitcoin’s dominance falls to a 7-month low while we saw a crash in the BTC price of 10% in one day. This week, however, everything is different and the market is entering green pastures as we can see more in our latest BTC news.

Bitcoin’s price is back where it was before the crash but it wasn’t able to recapture its former all-time high that was set a few weeks ago. BTC is now valued at $59,669 and with that said, the market dominance is at a seven-month low. Bitcoin’s dominance falls to a 7-month low as it was 72% of the market but the power of the coin was in a freefall since the market dominance declining to 58.47%. the dominance assesses how the market capitalization of the currency stacks up against the total market cap of the tradeable cryptocurrency.

Ethereum on the other hand managed to cross the $2000 mark a day ago and set a new all-time high. ETH was among the most-watched assets this year as in February it crossed the $2K level but then pulled back and didn’t cross the threshold again for a month. However later, it managed to surpass it again and hit the highest price ever at $2152. As of the time of writing, it’s pulled back a little and trades at a price of $2113. The biggest overnight price gains in the top 20 cryptos by market cap were hit by XRP, Uniswap, Polkadot, Chainlink, and BitTorrent.

Polkadot is up by more than 20% and trades a price of $46 with the biggest overnight surge of any top 10 cryptocurrency. The bump came after three days after Kraken CEO Jesse Powell explained that he thinks DOT could top Ethereum with its cheaper transaction fees. Considering Ethereum’s average transaction fee that increased from $13 to $22 in one day because of the increased demand it could mean that Powell could have a point.

Chainlink is up by 6% and trades at $32.44 while Uniswap is up by 8% as it trades at $31.42. The comparable overnight gain made by XRP grew almost 7% to hit a price of $0.0063 so by market cap, XRP os worth more than it was before the SEC lawsuit of $1.3 billion dollars which alleged that its progenitor, Ripple Labs distributed it as an unregistered security. BitTorrent token also hit an ATH of $0.00778 and increased 30% in a day, marking a 91% increase in a week.