The crypto market has been doing well over the years, claiming the best performing sector in the financial market. But while the sector is in the news for almost every reason, one coin has established the lead. With Bitcoin being the first coin, not only the reason it is in the lead in the sector, but the digital asset has been able to amass such a huge worth in such a short period.
While that is something good, Bitcoin has since improved its record of dominance in the crypto market. However, a recent analysis has shown that the leading digital assets dominance has taken a staggering beating, moving in a decline fashion.
Bitcoin saw a drop of around 10%
The recent Bitcoin tank in dominance resulted from the decline that the digital asset witness some weeks ago, seeing a sharp drop above 10%. Even though the digital markets are all in the green zone, with Bitcoin leading them in the latest review, it has done nothing to help the asset pull its dominance figure to the top.
With the figure presented in the drip zone, it means that Bitcoin has seen its dominance figure go down to touch a figure that was last seen in seven months. At this present, Bitcoin is trying to return to the place it was before it crashed gradually. The coin presently trades at close to $60,000, with the previous all-time high of the coin around the $61,000 price mark.
Before this new market dominance decline, Bitcoin previously led the market by 72% at the start of the year, where the digital asset brought in a massive price surge from last year. Since early March, Bitcoin’s price has taken a slight turn for the worse, seeing its market dominance touch around 58%.
Ethereum touches an all-time high
A look at the term dominance figure shows that it is used to measure the performance of the market cap of one digital asset against the others in the market. In this case, we measure the market cap of Bitcoin against other digital assets. This pulling back of the dominance figure is proof that Bitcoin is no longer the golden boy it used to be anymore.
For example, Ethereum is presently doing well in the market for the past few days, creating a new all-time high record in the market. Before now, the digital asset moved close to $2036 and went under rapidly, stayed there for close to four weeks before trying to move above again and succeeding in the process.
Presently, the digital asset has seen a slight decline to trade at $2113 after going as high as $2150. While that is something worth our while, the most massive gains in the market were recorded by coins in the DeFi sector. Polkadot has seen a massive surge in the market, with the digital asset recording a push above 20%.