Crypto Fever Returns as Bitcoin Dominance Drops to 7 Month Low
Crypto currency markets have been lifted again with over $13 billion added over the past 24 hours. Calls for altseason are returning as Bitcoin dominance falls but the majority of them are still in a world of pain price-wise.
Crypto Markets Moving
Altcoins have been driving momentum on crypto asset markets over the past few days as bitcoin continues to consolidate in the mid-$9k range. The king of crypto has made a new high of $9,750 however the intraday 6% move has been dwarfed by gains of many of its brethren.
Many altcoins are enjoying double digit gains today including a few of the higher cap ones. NEM is the top performing digital asset today with a whopping 28% surge over the past 24 hours.
Bitcoin Cash and Bitcoin SV are both gaining dual percentages with 14% and 12% respectively and Ethereum Classic is there with them surging 12% on the day.
Other top performing altcoins include Tezos, Zcash, Dash and BAT. Ethereum has made 9% in a move to break the psychological $200 barrier which could lead to sustained bullish momentum.
Bitcoin developer Jimmy Song pointed out that the altcoin fever may be a little premature considering that most of them are still way down from their peaks.
“If you’re excited by the altcoin rally, just remember most of these coins fell 90%+. A 92% drop followed by a 25% gain is still a net 90% drop.â€
Ripple boss Brad Garlinghouse recently tweeted that his XRP token was outperforming bitcoin this year but he failed to acknowledge that it is still a whopping 92% down from its all-time high while Bitcoin has recovered to just 52% off its peak.
Even with Ethereum’s solid 58% gain this year, it is still 86% down from its giddy height of over $1,400 in January 2018.
Bitcoin Dominance Dwindling
According to Tradingview.com bitcoin dominance has dropped to its lowest level since early July 2019. The decline to 65.8% followed a death cross on the daily chart in late January as market share declines despite impressive gains so far