After the sudden decline over the weekend, the crypto money market took action again. Altcoins seem to come out of the shadow of Bitcoin, the world's largest cryptocurrency.
Although sales dominated the market until yesterday, crypto money bulls have taken the helm again as of today. The total market value of cryptocurrencies increased by 3.6 percent and began to safely hover over $ 120 billion above the $ 2 trillion band. Bitcoin, on the other hand, performed slightly lower than the market. In a 24-hour period, Bitcoin was only able to increase 2.8 percent. In the weekly outlook, Bitcoin moved down by 12.4 percent. At the time of this writing, Bitcoin is at $ 55,511, about $ 9,000 below the record it broke last week.
Altcoins Increasingly Stand Out
There has been an unwritten rule in cryptocurrency markets for a long time now that when Bitcoin weakens, investors rush to altcoins. At such moments, too, from the high trade volume in altcoins, especially the tokens belonging to the exchanges see the greatest benefit. This time, nothing has changed, and Binance Coin (BNB), the currency of the world's largest cryptocurrency exchange ecosystem, earned 17.6 daily value, making it the most rising coin among the top 10 cryptocurrencies. In addition, with this increase, the gap remaining to its all-time high price record for BNB has gradually decreased. BNB, which was $ 588 at the time of this writing, is only about $ 20 away from its record.
After falling to $ 2,050, Ethereum is gaining power again. Ethereum, the second largest cryptocurrency, has gained 9 percent in the last 24 hours, climbing to $ 2,314 and continuing its upward movement, it has set its sights on refreshing its own record again.
Another coin that increased with double digit rates with Binance Coin was XRP. Ripple, which gained 11 percent value in the last 24 hours, reached the level of $ 1.41 again. Bitcoin Cash (BCH) has also become one of the major coins with 9.2 percent. Cardano (ADA), Polkadot (DOT) and Litecoin (LTC) also gained 5 to 7 percent in value.
Bitcoin Domination at Lowest Level of Last Three Years
Bitcoin dominance, which has dropped to 51 percent, is hovering at the lowest in the last three years. We recently witnessed a similar Bitcoin dominance in mid-2018, after which it would be good for altcoins and its investors to drop a little further and stay at normal levels. Together we will observe and see the result.
So Bitcoin is losing some market dominance? well that's very telling if I am wrong the transaction fees reach a price of around $18 some few days ago, I am pretty sure smart money is moving away from high transaction networks after all not everyone is rich enough to pay too much money in transaction for too long. In my opinion BCH is very undervalue because it is the Bitcoin that works as a peer to peer currency and store of value because it is good first at p2p. I bet in the future BCH will also takeover ETH as well because smart contracts are cheaper to run on BCH than ETH.
And it seems like ETH 2.0 won't be here any time soon and if BCH is able to deploy smart contracts before that happens BCH could takeover the whole market cap of ETH as well. That is something that TA can't tell you and only time will tell us what the end result will be.
I believe in BCH only because to me is the Bitcoin that works, and my whole thesis rest on that. You don't need many altcoins if the real Bitcoin which is BCH is allow to work and it gets actual development to actually be programmable money too.
But I may be totally wrong and TA may not be lying and that BCH is going down to zero, but to me just being the real Bitcoin BCH that actually works is enough to hold it for a very long time I think that vision won't be possible within the next 10 years and even more time may be needed.