Bitcoin less dominant: BTC pumps, but altcoins pump even harder

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

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

What would happen once Bitcoin smashed through its all-time highs has been an open question, with one Twitter-famous trader tweeting on Tuesday that it would take “severe brain damage” to buy altcoins “just before bitcion goes into price discovery”.

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

Bitcoin dominance
Bitcoin dominance since early May. (Stockhead/Tradingview)

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

Buoyed by enthusiasm about the first-ever US Bitcoin ETF debuting on the New York Stock Exchange, BTC around 12.45am broke its all-time high of almost $64,000, and quickly set a new one at $US66,930.

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

OKB Coin was the biggest gainer in the top 100 for the second day in a row, climbing 19.4 per cent to US$24.74.

Nexo, Solana, Enjin Coin, Flow, Ren, THORChain, Litecoin and Qtum were all up between 18.6 and 10.9 per cent.

XDC Network was the biggest loser, falling 1.7 per cent.

Ethereum was trading for US$4,173, up 8.8 per cent from yesterday.

Outside the top 100, a number of smaller altcoins had hit all-time highs, including Kadena, Strong, Tokema, Illuvium, Popsicle Finance, UFO Gaming and WOO Network.

Coingecko

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