Bitcoin Dominance crashes below 42 percent. The price of the token is also down 15% from the recent high of $68,700. The dominance was recorded at 48 percent on 20, October 2021.
The Crypto market has more than 6000 coins today. The journey of the crypto market started with Bitcoin. The flagship currency, BTC, has been dominant in the crypto market for quite a long now. Last two years we have seen a surge in the number of crypto tokens and prices of tokens. BTC made a new ATH in May 2021 and then the price went down to below $30K. The last two months again saw a surge in the price and 10 November saw another ATH of $68,700.
Bitcoin Dominance crashes:
This year has seen how altcoins emerged and tried to cross BTC. BTC is the world’s most dominant crypto asset and accounts for 41.9% with a market cap of $1.08 trillion. Bitcoin dominance crashes below 42% but it was recorded 48% on 20 October 2021. Surprisingly, some of the prominent altcoins, including Binance Coin (BNB), XRP, and Solana (SOL) dropped less than Bitcoin during the recent crypto market correction.
As the Bitcoin dominance crashes below 42%, there is a rumor in the market that this price movement is profit-taking steps from large investors. The fresh all-time highs from the two prominent assets of crypto were always predicted as profit-taking from investors which results in price weakness. The thing which is worth noting is that Ethereum dominance has not changed despite this price correction.
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