The resurgence in bitcoin’s price over the past 24 hours has seen the leading cryptocurrency once again cross the $ 9,500 mark for the first time in nearly a month. However, this rise was not enough to prevent Bitcoin’s dominance level from simultaneously reaching a new annual low of 62.0.1% at the time of writing.
Note : Cryptocurrencies is pleased to welcome for a first paper on Bitcoin dominance, Antoine of the site Cryptoloupe ! Antoine created this site specializing in Bitcoin and crypto news with the ambition of providing a reliable source of up-to-date information for the public in French-speaking Africa. And given the potential of the original Continent on these particular subjects, there is no doubt that his approach will quickly make sense. You will find Antoine regularly on TCT.
The dominance of Bitcoin
Bitcoin dominance is a measure that compares the limit of the cryptocurrency market to that of Altcoins and provides a basis for measuring investor sentiment. A decline in dominance, as shown in the graph below, highlights the growing investor appetite for altcoins in recent weeks, to the detriment of Bitcoin.
The last time Bitcoin dominance reached the level of 61.4%, it was start july 2019. Since then she has climbed to 69.9% in September before embarking on the path to current annual lows.
Altsaison in sight?
The decline in the dominance of Bitcoin can easily be attributed to the increase in the value of Altcoins, especially those in the industry Challenge those last weeks : VeChain (VET), Cardano (ADA), Chainlink (LINK) or Aaev (LEND). Other emblematic values of Decentralized Finance such as Compound (COMP) and Balancer (BAL) have all reached new annual highs and, in some cases, historic highs.
In the same way, Ethereum (ETH) recorded an impressive jump of 10%, while Bitcoin was going over $ 9,500, following the announcement that US banks can now offer Bitcoin and cryptocurrency custody services for the benefit of their customers.
Only time will tell if the Altcoin season will continue for long. However, Bitcoin holders are actively hoping that the volatility of the cryptocurrency queen over the past 24 hours will trigger a move in the right direction, after a long period where the price has been stuck between $ 9,000 and $ 9,200.
Hello! Me is Segla Antoine Shadrac.
Passionate about finance and emerging technologies, such as blockchain, cryptocurrency and artificial intelligence, I have been part of this world of the future since 2017.