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Is Now The Time To Invest In Cryptocurrencies Beyond Bitcoin?
The apex cryptocurrency by market cap — Bitcoin (BTC) — is losing its dominance, leading analysts to label the trend as the coming of the so-called "altcoin season."
What Happened: At press time, BTC enjoyed a market dominance of 59.1% with Ethereum (ETH) at second place with 11.4% dominance. BTC’s dominance is at its lowest since October last year, as per CoinMarketCap data.
Pointing towards BTC dominance, Altcoins-USD market cap and the BTC/USD spot price analyst Filbfilb tweeted “Alt szn.”
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Several altcoins have seen massive surges this year, outperforming Bitcoin, which has surged about 95% year-to-date, by quite a margin. Harmony (ONE) has surged 4553% in 2021 to press time, as per Messari data. Pundi X (NPXS) has seen a 4203% spike, Enjin Coin (ENJ) has surged 1684.7%, and Theta Fuel (TFUEL) has seen an 1105% surge. Among the top cryptocurrencies by market cap, those outperforming Bitcoin this year including Binance Coin (BNB) at 620%, Cardano (ADA) at 582%, Polkadot (DOT) at 306%, and Uniswap (UNI) at 500%.
Price Action: BTC traded 3.83% higher at $57,397.80 while ETH traded 6.39% higher at $1,795.18 in a 24-hour period leading up to press time.