Less Dominant Bitcoin: BTC Pumps, But Altcoins Pump Even Harder

Bitcoin dominance has hit a three-day low, even as BTC is trading at new highs against the US dollar.

Bitcoin’s share of the overall crypto market was 46.4%, down from 47.6% yesterday.

What would happen once Bitcoin hits all-time highs has been an open question, with a famous trader on Twitter. Tweeter Tuesday that it would take “serious brain damage” to buy altcoins “just before bitcion launches into price discovery.”

But the decline in Bitcoin dominance shows that altcoins are outperforming BTC, at least for now.

Bitcoin domination
Dominance of Bitcoin since early May. (Stockhead / Tradingview)

Late this afternoon (Sydney time), Bitcoin was trading at US $ 64,926, up 1.8% from yesterday.

Driven by excitement over the very first US Bitcoin ETF to debut on the New York Stock Exchange, around 12:45 p.m. BTC hit its all-time high of nearly $ 64,000 and quickly set a new one at $ 66,930 .

But 85 different cryptos in the top 100 outperformed BTC, with eight posting double-digit gains.

OKB part was the top 100 winner for the second day in a row, climbing 19.4% to US $ 24.74.

Nexo, Solana, Enjin Coin, To flow, Ren, THORChain, Litecoin and Qtum were all up between 18.6 and 10.9 percent.

XDC Network was the biggest loser, falling 1.7 percent.

Ethereum was trading at US $ 4,173, up 8.8% from yesterday.

Outside of the top 100, a number of smaller altcoins had reached historic highs, including Kadena, Strong, Tokema, Illuvium, Popsicle Finance, UFO game and WOO Network.

Coingecko

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