Cardano Back to Top 4 as Bitcoin Dominance Drops to 35-Month Low

Bitcoin’s price continues to tumble, and the asset has failed to overcome $50,000 yet again. Some alternative coins have marked substantial gains in the past 24 hours, including another ATH for ADA and a 15% surge for XRP. As a result, BTC’s dominance has fallen to its lowest level since June 2018.

35-Month Low for BTC Dominance

Ever since Elon Musk announced that Tesla will cease receiving bitcoin payments for its electric vehicles, the price of the primary cryptocurrency has struggled severely.

BTC traded above $58,000, but Musk’s words brought enhanced volatility that pushed it down by roughly $12,000 in a day. After reaching a two-month low at $46,700, bitcoin attempted a quick recovery, which took it only to about $51,000.

However, it reversed its trajectory almost immediately and has struggled below $50,000 since then. Furthermore, the bears kept the pressure going, and BTC fell to an 11-week low earlier today, as reported.

As such, bitcoin’s market cap lost another significant milestone and dipped below $900B. Additionally, the asset’s market dominance has continued to fade away.

The metric comparing BTC’s market cap with the altcoins is down below 40%. This is the lowest percentage seen since mid-June 2018.

 TradingViewBTCUSD. Source: TradingView

ADA and XRP Keep Climbing

Similarly to their leader, most alternative coins have also struggled in the past few days. Ethereum, which saw its latest all-time high on May 12th, has failed to bounce off decisively. Consequently, ETH has lost another 4% of value since yesterday and is down below $3,900.

Binance Coin (-1%) trades beneath $590, Dogecoin is at $0.53, Polkadot (-2.5%) sits at $46, Bitcoin Cash (-2%) is close to breaking below $1,200, and Litecoin (-2%) is at $315.

In contrast, XRP has spiked by 15% and has neared $1.6. Cardano is also well in the green after a 14% increase on a 24-hour scale. Thus, ADA has doubled down on its recent impressive performance.

ADA painted its latest ATH minutes ago at $2.4, and its market cap surpassed that of DOGE, making it the fourth-largest crypto.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

The situation with the lower- and mid-cap altcoins is rather negative as well. Revain (-15%), Telcoin (-12%), Shiba Inu (-12%), Curve DAO Token (-12%), NEAR Protocol (-11%), Reserve Rights (-10%) are among the most substantial losers.

Ultimately, the crypto market cap is down by roughly $100 billion since yesterday to $2.250 trillion.

Publication date: 
05/16/2021 - 10:07
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