Bitcoin’s proportion of the total cryptocurrency market has hit its lowest level since mid-October as next-generation blockchains gain ground on their precedessor.
Bitcoin dominance had dropped by half a percentage point in the last 24 hours to Thursday afternoon to reach just 60.24 per cent of the market, according to Tradingview.
That’s down significantly from January 3, when BTC’s market capitalisation represented 73.66 of the crypto market – its highest level since July 2017,
While Bitcoin is of course the best-known cryptocurrency, a significant portion of the crypto community believe next-generation blockchains are vastly superior – and could be finally about to get their time in the sun.
Bitcoin dominance just broke a key support. Are we about to see alts run? pic.twitter.com/yvLE5qJRS9
— The Money Lisa (@dobuybitcoin) March 31, 2021
Keep an eye on this bearish formation…
A breakdown here will lead to a monthly breakdown for dominance meaning April would be a spectacular month for alt coins. pic.twitter.com/CtsKe7bcNJ
— NebraskanGooner📈 (@nebraskangooner) March 31, 2021
#Bitcoin dominance is still almost 60% of the market. Ethereum is almost 12%. Once $BTC dom goes down alt season will be blast off! Interesting that $ETH will have less dominance in the market than it has historically… picks some alts get rich 💰💰💰🚀🚀🚀
— jackiedayt0na (@jackiedayt0na) April 1, 2021
Most coins gain
Overall, 62 of the top 100 cryptocurrencies on Coingecko had gained over the past 24 hours to 2.15pm AEDT, while 36 had lost ground.
Bitcoin was up 0.5 per cent to $US59,033 ($77,980), while Ethereum had gained 4.6 per cent to $US1,920 ($2,533).
Tron (TRX) was the top gainer in the top 100, up 29.1 per cent to US8.7c. That’s up 82.7 per cent for the last 30 months, but down 62.4 per cent from its peak of US23.1c in early January 2018.
$TRX is up 30%+ today and no one I follow is talking about it yet.
— K A L E O (@CryptoKaleo) March 31, 2021
Filecoin had jumped four coins to become the 11th-biggest cryptocurrency by current market capitalisation, having gained 26 per cent in the past day and 123.8 per cent in the past week.
Used for decentralised file storage, Filecoin’s surge has come after crypto investing firm Grayscale Investments on March 17 added it (along with Decentraland (MANA), Chainlink, Basic Attention Token, and Livepeer) to its investment offerings.
Filecoin keeps climbing to the moon. pic.twitter.com/fqF0FfrDGY
— Cameron Winklevoss (@cameron) March 31, 2021
Goldman Sachs could be following suit, with the investment bank close to offering cryptocurrency investment vehicles to its wealthy clients, CNBC reported. The move would be a big turnaround, given that Goldman’s chief investment officer has repeatedly derided Bitcoin.
Meanwhile, Theta token had fallen out of the top 10 after its recent meteoric rise. It had declined almost 10 per cent to $US12.03, putting it 12th.
THORChain (RUNE), Decred and Arweave (AR) were the top 100 coins hitting all-time highs in the last 24 hours, according to Coingolive.
What rhymes with moon?
— THORChain ⚡️ᚱ (@THORChain) April 1, 2021