Altcoins Price Surge as Bitcoin Market Dominance Slumps to Seven Month Low

Amid the recent bullish crypto market, Bitcoin and altcoins have made some gains this week. Following the bullishness of Altcoins, the market dominance of Bitcoin has slipped to a seven-month low. Contrarily, the market dominance of Ethereum has surged to 12.43 percent.

Although Bitcoin is currently trading at 59,725 as of this writing, the price keeps struggling to hit the previous all-time high of $61,684.

Bitcoin has lost about 15 percent of its market dominance since the year began. In January, Bitcoin was dominating 72 percent of the whole crypto market but has now slipped to about 58.6 percent dominance. However, a recent report reveals that Bitcoin miners are storing up their BTC instead of selling.

Source: Tradingview

Altcoins Price Soar Amid Bullish Market

The market dominance reflects the percentage of the market cap of a particular crypto asset to that of the total crypto market cap. Bitcoin is already losing its grip as the crypto centre of attraction as other coins are also picking up.  Ethereum, which is the second-largest cryptocurrency, is starting to gain a significant market share.

Following the drop from the previous ATH of $2,036 in February, Ethereum never made it above the price level. However, the price conveniently crossed above the $2,000 price mark to an ATH of $2,152. However, the price has remained strong in the last 24 hours.

Other altcoins have also made significant gains. In the last 24 hours, Polkadot (DOT) rose by 15.29 percent, Ripple (XRP) by 8.26 percent, Tron (TRX) by 21.54 percent and Cardano (ADA) by 1.9 percent.

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