Bitcoin dominance declines as Binance Coin and ETH hit new all-time highs
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For a brief while, the Bitcoin dominance index topped the 80% mark, but has since declined to 76.1% as the cryptocurrency markets are seeing a major shakeup. After reaching an all-time high of $247.09 USD, Binance Coin has fallen by 15.2%, while Ether has fallen by 4.7%, its first loss in over two months. The drop is also significant in that it puts an end to Ether’s run of 20 consecutive positive days. Breaking news: Three new cryptocurrencies have been listed on the Poloniex exchange. The exchange announced that it would be adding these coins in a blog post yesterday, and that in addition to including new trading pairs, it would also be adding margin trading to the
Over the last year, we’ve seen the number of cryptocurrencies explode from just a handful of major players to well over 1200 different cryptocurrencies. Of course, a major factor in this explosion has been the rise of the king of cryptocurrencies, Bitcoin, which has seen its price rise from around $1000 to just under $8200 over the same period. With so many new cryptocurrencies, some have wondered what will happen to Bitcoin’s dominance of the cryptocurrency market. As we’ve seen before, the market tends to favor the most useful cryptocurrency. The one people will actually use. For example, many new cryptocurrencies are “forked” from existing cryptocurrencies like Bitcoin or Ethereum, adding a new feature or two. Other new cryptocurrencies are scams designed to
Summary of the situation
The Binance currency has reached a new all-time high.
Bitcoin has continued to lose momentum in recent weeks.
Binance Coin and Ethereum have reached all-time highs in recent hours, while Bitcoin has fallen. It’s been a strong week for Ethereum, which reached $2,880 on Saturday on the popular Binance exchange. Ethereum has hit an all-time high and has been in an uptrend for six days.
Moreover, Binance Coin posted a new all-time high for the first time in three weeks. Binance Coin hit $645 on Saturday after a long week of success.
Both currencies have hit new highs in recent weeks, while bitcoin’s dominance has waned. Bitcoin has fallen in the market over the past month and now holds a dominant position of 49.86%, down from 60.61% a month ago.
Ethereum is expected to continue making progress in the market and reach the $3,000 mark. Ethereum recently completed a Berlin fork and will receive its next update in July.
High expectations due to ETH growth
Investment companies are interested in Ethereum. Rothschild Investments recently purchased $4.75 million in Grayscale Ethereum Trust. Rothschild, with its initial commitment, is one of the institutional asset managers using Grayscale.
A sharp fall in network gas tariffs allowed operators to benefit from the increase in the market. A new historical peak of active Ethereum addresses has been created.
PancakeSwap has been gaining popularity in recent weeks. The Binance Smart Chain (BSC) exchange has increased its growth due to low gas prices. PancakeSwap is ranked third best DEX.
Bitcoin nears $53,000 after sharp drop
Bitcoin has lost its market appeal as Binance Coin and Ether have gained traction recently. Analysts continue to talk about altcoins as bitcoin tries to recover and climb back to the peak of $64,000 reached a few weeks ago.
The price of bitcoin fell to $52,622 on Thursday and has changed by $3,000 in recent hours. Currently, alternative cryptocurrencies are the main players. This has caused bitcoin to lose momentum in recent weeks.
Altcoin and Ether will continue to play a prominent role in the coming phases, and Ether is expected to reach a new all-time high. Analysts expect the price to reach $3,000.
Binance has a popular share in the active markets
Binance Coin has had one of its most significant successes this season. BNB currently has a significant share of the digital assets market. This currency is used to pay transaction fees on the Binance platform. The Binance coin gained more than 550% in the first quarter of 2021.
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