Bitcoins dominance is currently at 64.8% in comparison to 2017 in which its dominance was over 68%. The current crypto market cap is well distributed among top altcoins and stablecoins. After the price rallies in the current market cycle, nearly 100% of crypto wallet addresses are profitable. However, the same doesnt hold true for altcoins with lower market capitalization. Many altcoins are continuing their rebuttal to Bitcoins months of dominance and the past hour has been a sea of green for most cryptocurrencies.
There are many projects showing signs of whale accumulation, after nearly three years worth of crypto winter. XRP missed the 2018 mark by nearly 75% and having run into regulatory challenges, the altcoin may find it harder to bounce back. In contrast to XRP, projects like ADA, LINK, and DOT had double-digit gains. Ethereum, Synthetix, Yield Farming, Uniswap, and Compound are seeing notable accumulation across exchanges. Historically the Bitcoin rally has led to an alt season as investment flow into Bitcoin. However, the current Bitcoin chart signals that Bitcoins supply is being withdrawn from exchanges at an all-time-high pace. Bitcoin bull cycles are known to end after the shift in the liquidity of the supply, once it turns positive, the price trend may reverse.
Ethereums rally would be critical to altcoins hitting pre-2018 levels. And the key to Ethereums rally is the success and TVL of top Defi projects. Most altcoins hit a new ATH but ones with low market capitalization are yet to bounce back and the burning question is, will that happen, and if yes then when. Whenever the alt season ki ...
Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.