The growth of the cryptocurrency market was not only the result of the bitcoin (BTC) run but also the rise in prices for the largest altcoins.
As a result, BTC's dominance index fell to its lowest level since October last year. Now, this figure is 60%. The share of Ether (ETH) in the market rose to 13.9%.
As a reminder, bitcoin jumped above $ 52,000 this week. Then the coin retreated as part of a correction, now it is trading around $ 51,830.
BTC dominance has been falling since the beginning of this year. According to analysts, many traders have switched from Bitcoin to other cryptocurrencies. That is why we are seeing growth not only in Ether but also in Binance Coin (BNB), as well as Litecoin (LTC).
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However, observers agree that the decline in the share of the largest digital currency is a short-term phenomenon. Most likely, in the coming days, we will see an increase in the bitcoin dominance index up to 63%.
Capital will still return to BTC as the safest digital asset. The most optimal mark will be 69%.
The Alt season we've seen over the past few days has been the most successful for BNB. The coin broke through the $ 100 mark for the first time in its history and continued to move upward. The altcoin is currently trading above $ 196 and has already climbed to fourth place in the CoinMarketCap ranking.