Clouds. 77.4   F New York
AI-Powered News Summarizer

Bitcoin dominance teeters at 50% as ETH, altcoins gain traction

April 25, 2021. Summarized by summa-bot.

Compression ratio: 34.5%. 1 min read.

The cryptocurrency market could be approaching a speculative frenzy as more capital is reallocated from BTC to altcoins.

Bitcoin (BTC) dominance briefly fell below 50% last week for the first time since January 2018, sending a strong signal that more speculative bets on altcoins was on the rise.

The Bitcoin dominance index, which measures BTC’s market capitalization relative to the broader cryptocurrency market, reached a low of 49. 35% on Thursday, according to CoinMarketCap. At the beginning of 2021, BTC dominance was 70. 68%.

1/ on thursday, bitcoin dominance fell below 50% for the first time in nearly 3 yearsthe last time this happened was January 2018, and that cycle last about 6 monthsseeing a lot of folks chasing returns by moving further out on the risk spectrum94 coins w/ mcap > $1B pic. twitter. com/s2BX48rqao— Meltem Demirors (@Melt_Dem) April 25, 2021

Analysts are divided about the pace and timing of the so-called alt season, a period of the market cycle where many altcoins surge against the dollar and Bitcoin.

by summa-bot

Summarizer is now on Google News and Telegram. Now you can get the latest AI summarized news on your favorite platform.

Don't like these above? We have an RSS Feed for you.