Bitcoin News

Bitcoin dominance hit a three-year low

The total market value of Altcoins, which rose above $ 1.5 trillion last week, pushed Bitcoin dominance to its lowest level in three years.

to the the report Coin Telegraph Coincidence has reached its highest level in nearly three years as the bitcoin has depreciated in response to tweets from Elon Musk, CEO of Tesla Automotive.

According to data from the CoinMarketCap website, the Bitcoin market value has reached 40.3% of the total digital currency market value as of this writing, which is the lowest level since June 2018.

Bitcoin dominance in January 2018 fell to 33% at the same time as it fell from the previous record, while Altcoins were breaking their previous records. Bitcoin dominance is now not far behind its lowest level in May 2018, which reached 36%.

The total market value of pennies, which reached a record $ 1.5 trillion last week, is now around $ 1.25 trillion.

With the Ether (ETH) market value growing by about half a bitcoin, Ethereum has recently seen its dominance increase, to 19% of the total digital currency market value and 32% of the Altcoin market value.

Meanwhile, Baines Coin (BNB) is in third place with 4% of the market value of digital currencies. It is followed by Cardano (ADA) with 3.3% and Dogecoin (DOGE) with 3%. The share of these digital currencies in the total market value of Altcoins is 6.7%, 5.5% and 5%, respectively.

Ilan Musk’s remarks about the possibility of selling Tesla bitcoin assets on Monday may have further diminished bitcoin dominance, dropping it by 15 percent in 18 hours.

While Bitcoin has now lost 35 of its April 14 record, other Altcoins have seen less correction. Ethereum prices are down about 24 percent from a high of $ 4,350 on May 12.

However, some Altcoins are growing against the bearish trend of the digital currency market. For example, Cardano (ADA) set a new historic high of $ 2.45 on Sunday (May 16th).


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