[Blockchain Today Reporter Seo-yeon Jang] Last week, altcoin’s market cap reached about $1.5 trillion, rising to the highest level in three years.
Cointelegraph reports that while Bitcoin fell again due to a recent Twitter post by Elon Musk, altcoin dominance rose to its highest level in about three years. As of now, Bitcoin (BTC) accounts for 40.3% of the total amount of cryptocurrency assets, the lowest since June 2018.
Before January 2018, Bitcoin fell from its highest point, recording the lowest market dominance at 33%, while Altcoin reached its highest point. The current market dominance is not far from 36%, the second low record in May 2018 three years ago.
Altcoin’s total market capitalization reached an all-time high of nearly $1.5 trillion last week, and is still at a level of $1.25 trillion.
Ethereum (ETH) has recently surged in dominance, and Ethereum’s market cap has risen to about half of that of Bitcoin, and the cryptocurrency market dominance has reached 19%. In addition, Ethereum accounts for 32% of the altcoin market capitalization.
Binance Coin (BnB) accounts for 4% of the total cryptocurrency, followed by Cardano (ADA) at 3.3% and Doge at 3%. On the other hand, Binance Coin had a 6.7% dominance in the altcoin market, with Cardano’s share of 5.5% and Dogecoin’s 5%.
It is possible that the loss of Bitcoin’s dominance was deepened by implying in a tweet that Elon Musk could dispose of Tesla’s share of BTC, which resulted in a 15% drop in 18 hours.
Bitcoin is currently down 35% from its peak on April 14th, but some altcoins’ declines have been weaker, while Ethereum is down 24% from its current high of $4,350.
Cardano posted an all-time high of $2.45 on the 16th (local time), and some markets are doing well despite this weak trend.
