Altcoins’ Market Cap Still 59% Off its Peak as Bitcoin Dominance Exceeds 70%

Altcoins’ Market Cap Still 59% Off its Peak as Bitcoin Dominance Exceeds 70%

Total cryptocurrency market cap meanwhile has reached a new record high of $775.56 billion.

Bitcoin continues to make new all-time highs, it made one on the last day of 2020 and then again on the first day of 2021.

While Bitcoin is poised to hit $30,000, it is not just BTC BTC 1.16% Bitcoin / USD BTCUSD $ 29,281.67
$339.67 1.16%
Volume 40.84 b Change $339.67 Open $29,281.67 Circulating 18.59 m Market Cap 544.28 b
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that made new highs. Just as the market capitalization of the world’s largest cryptocurrency went to about $550 million, the total market cap of the cryptocurrency also made a new ATH.

The record high made by the entire crypto market has been today at $775.56 billion.

“That’s bullish! 2021 will be the year that the altcoin market capitalization will break its all-time high,” noted trader Michaël van de Poppe.

However, if we start to correct, the trader sees the pullback in the market cap to find the first potential support at $550 billion with $456 billion as the second point of interest.

This uptrend, however, is primarily driven by Bitcoin as its dominance stands firmly around 70%, currently at 72%. The crypto king didn’t have this much of market share since Sept. 2019. This uptrend first started in Sept. 2020 and gained speed just last month.

Back in Jan. 2018, when altcoins pumped while Bitcoin started retracting its gains, BTC dominance went to an all-time low of 35%.

Traders are soon expecting altcoins to start rallying as well, that is, once Bitcoin calms down and consolidates before ripping higher.

Several altcoins have already started pumping although the market cap of all altcoins combined is just above $223 billion, still far off of the Jan 2018 high of $547 billion.

After a long time, ETH ETH -1.20% Ethereum / USD ETHUSD $ 731.40
-$8.78 -1.20%
Volume 13.51 b Change -$8.78 Open $731.40 Circulating 114.08 m Market Cap 83.44 b
2 d Bitcoin Going to $1 Million in the Next Decade Says Kraken CEO; Highlights ETH & DeFi 2 d Ethereum Is A ‘Huge Success Story’ But is ‘Undervalued’ in Terms of Institutional Buying 3 d Deribit Now Allows Traders to Bet on Bitcoin’s Rally to $160k & Ethereum to $5k
finally broke above $700 this month. Not only the second-largest digital currency recorded more gains than Bitcoin in 2020, but Ether is also still 52% away from its ATH.

Among the top altcoins, lately Litecoin (LTC) LTC 1.34% Litecoin / USD LTCUSD $ 126.09
$1.69 1.34%
Volume 7.35 b Change $1.69 Open $126.09 Circulating 66.22 m Market Cap 8.35 b
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and  Polkadot (DOT) DOT -5.23% Polkadot / USD DOTUSD $ 8.26
-$0.43 -5.23%
Volume 3.02 b Change -$0.43 Open $8.26 Circulating 895.99 m Market Cap 7.4 b
3 d Bitcoin to 10x, ETH to Outperform BTC, & DeFi Unicorns: Crypto Market’s 2021 Prediction 4 w Polkadot Network Launches a DeFi Alliance; Chainlink Becomes Founding Member
has been climbing up. Theta Token (230%), Zilliqa (172%), Celsius Network (123%), and Nexo (88%) are among the highest gainers in the past month.

When it comes to the DeFi space, in the last seven days, UNI, SUSHI, CRV, BAL, Rune, and Terra made some significant greens. Overall, the total value locked (TVL) in DeFi space reached almost $15 billion, from a mere $655 million at the beginning of this year.

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Author: AnTy

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