Bitcoin continues to trade sideways this week. Ethereum (ETH) and other alternative currencies have become bright spots. In terms of market value, Bitcoin’s dominance has fallen from 75% to less than 50% in 2021, and Ethereum’s market value has increased. To 17%; Ethereum hit a record high of US$3,541.46 this week, and Dogecoin (DOGE) also rose to near a record high again. Analysis pointed out that the skyrocketing of Dogecoin is the main indicator of the altcoin season.
The latest all-time high (ATH) of ETH appeared on Wednesday at $3,541.46. By Friday, the price of ETH was stable at around $3,460.27. Dogecoin (DOGE) also hit a new all-time high of approximately $0.69 yesterday; CoinTelegraph called the rise of DOGE “the main indicator of the token season.”
Bitcoin’s dominance is declining
Calculated by market value, Bitcoin’s dominance has dropped from 75% to 45%, a three-year low; Ethereum’s market value has risen to 17%.
Bitcoin sideways tokens have absorbed investors’ funds in the cryptocurrency market
Michael Dalesandro, founder and CEO of Chicago-based RockItCoin, said that we are beginning to see the maturity of the cryptocurrency market, and the distribution of wealth in the cryptocurrency market seems to be changing.
“In terms of market value, Bitcoin’s dominance has fallen from 75% to less than 50% in 2021, so additional capital is flowing to alternatives that exist in altcoins, and altcoins have proven to increase substantially.”
Benjamin Leff, chief working officer of Sheesha Finance, told Finance Magnates that Bitcoin has retreated to the second line, while the altcoin season is picking up. In other words, the strong performance of many alternative currencies in the past few weeks seems to have attracted more and more buyers.
CrossTower’s head of buying and selling Chad Steinglass said that after the BTC consolidation at the end of April, the bulls are hopeful that another company announced that BTC will be included in the balance sheet. However, in fact, among the most important companies that have been concerned, TSLA They have significantly reduced their holdings, and MSTR has not increased in recent declines.
Bitcoin’s “rival” ETH hits a record high
Compared with Bitcoin, which cryptocurrencies will have revenue potential next? All eyes this week are on Ethereum (ETH). The native token of the Ethereum community has reached another historical high.
Of course, over the past year, ETH has been constantly setting new record highs. Therefore, the performance of ETH has surpassed that of BTC several times.
Dalesandro told Finance Magnates that Bitcoin is just a cryptocurrency, while Ethereum is a cryptocurrency and a decentralized software program platform. It also helped a lot of ERC20 tokens, I think this is to channel funds from Bitcoin to Ethereum.
XRP is ready to go
As ETH continues to soar, another standard token, XRP, is also constantly trading sideways. Some analysts believe that this may be due to Ripple Laboratories, the creator of foreign exchange, is engaged in an ongoing struggle with U.S. securities and alternative fees.
Of course, Ripple’s struggle with the US Securities and Exchange Commission began in December, when the commission filed a lawsuit against Ripple Labs. At the time, the US Securities and Exchange Commission claimed that Ripple Labs illegally purchased unregistered securities (XRP).
Throughout the case, Ripple Labs has always insisted that Ripple is still a commodity, and, in some cases, it is clear that Ripple may also be the protagonist in the licensing battle. Analysts claim that some court victories may increase the value of XRP: When the litigation occurred in December, the value of XRP dropped to approximately $0.20. During the reporter’s interview, the value had risen to US$1.58.
However, the outcome of the case is still unclear, and it is likely that the buyer is waiting for an opportunity before making a large-scale choice on the assets it holds. After reaching a peak of $1.91 in April, XRP has been trading sideways for many of the last three weeks.
What is the long-term prospect of XRP? Benjamin Leff, chief working officer of Sheesha Finance, told Finance Magnates. “There are conversations saying that once the case with the US Securities and Exchange Commission is resolved, XRP will be listed.”
Leff also pointed out that there has been a lot of recent XRP purchase experience. Citing information from Santiment, CryptoSlate reported on April 29 that addresses holding more than 1 million XRP, commonly known as “XRP Whales”, have increased by 1.25%, which is equivalent to about 19 new “whales”.
DOGE becomes the main indicator of the token season
Matthew Unger, the founder of iComply, told Finance Magnates that the rise in DOGE is “the biggest message of the past 3 months.”
We will expect to see DOGE become an important competitor, because its market value once entered the top four, the community continues to be undervalued because it is a joke, however, DOGE has many advantages, it is just that it is not priced
CoinTelegraph called DOGE’s rise as “the main indicator of the token season.”
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.