BTC Dominance Down As Altcoins Take The Wheel In Crypto Market

According to the crypto market tracking website, CoinMarketCap, the total crypto market cap is currently up by 2.02% to stand at around $838.02 billion at press time. The decrease in Bitcoin’s (BTC) dominance over the same time period suggests that altcoins are driving the rise in the crypto market cap.

Currently, the total altcoin market cap is resting on the all-time high set back in 2017. This is also currently a support level for the altcoin market cap.

The crypto analyst and trader, Michael van de Poppe, Tweeted yesterday morning that this is “not the worst spot to look for entries on your investment bags”.

Ethereum / TetherUS 1D (Source: CoinMarketCap)

Looking at the biggest altcoin by market cap, Ethereum (ETH), its price has risen by 3.37% over the last 24 hours to push its price up to $1,214.15 at press time. This has also added to its positive weekly performance which now stands at +11.44%.

Meanwhile, the rest of the altcoins on the top ten list have also seen their prices rise over the last 24 hours. Binance Coin (BNB) is up 3.07%, Ripple (XRP) was able to gain 2.15% and Dogecoin (DOGE) received a 7.52% 24-hour boost.

Cardano (ADA) and Polygon (MATIC) printed 1.82% and 2.32% gains respectively over the last day. This has also boosted their weekly performance, as ADA is 3.52% up over the last seven days and MATIC is up 5.48% for the past week.

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