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Altcoin Season Heating Up Again as Bitcoin Dominance Falls

Bitcoin’s road to $10,000 is starting to rub off on altcoins. On Wednesday, most of the large-cap cryptocurrencies traded in positive territory, helping to push down bitcoin’s dominance rate to fresh three-week lows.


Altcoins Rise


As Ethereum (ETH) held steady above $269, XRP gained 4.7% to $0.4463, a new high for the year. After under-performing the market in the first quarter, XRP has returned 52% over the past month. ... ...


Bitcoin Dominance Falls


Bitcoin’s dominance rate, which refers to the percentage of the crypto market cap allocated to bitcoin, has been declining gradually for the better part of two weeks. Bitcoin’s dominance peaked on May 13, climbing above 60% for the first time since 2017. It has since fallen back to around 56.2%, according to CoinMarketCap.


This means bitcoin accounts for 56.2% of the $270 billion cryptocurrency market. ...

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