Bitcoin price dropped again due to Elon Musk, while the market dominance of altcoins rose to the highest level in the past three years.
Bitcoin’s market dominance dropped to 40.3 percent, the lowest level seen since June 2018, according to CoinMarketCap data.
Bitcoin’s market dominance declined to as much as 33 percent in January 2018, when the bull market began to slow down and altcoins took over the scene. Cryptocurrency is no longer far from the second-lowest level of dominance seen in May 2018, 36 percent, after that.
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The total market value of altcoins, on the other hand, fell to $ 1.25 trillion as of the time of translation publication, after hitting an all-time high of $ 1.5 trillion last week.
Ethereum’s market cap reached almost half of Bitcoin’s market cap, while the cryptocurrency’s market dominance rose to over 19 percent. Ether’s market cap represents 32 percent of the value of the entire altcoin market.
Binance Coin, which ranks third in the list of the largest cryptocurrencies in terms of market value, represents 4 percent of the value of the entire cryptocurrency market, Cardano 3.3 percent and Dogecoin 3 percent. Binance Coin’s dominance of the altcoin market was measured at 6.7 percent, Cardano at 5.5 percent and Dogecoin at 5 percent.
Bitcoin has lost 35% since its all-time high on April 14, while Ether has fallen 24% since May 12, when it hit a record $ 4,350.
On the other hand, there were some cryptocurrencies that escaped from this downward trend. Cardano reached its all-time high of $ 2.45 on May 16th.