Ethereum Leads Altcoins’ Revolt Against Bitcoin’s Dominance
In what seems like a gradual loss of Bitcoin’s dominance, a handful of altcoins are now in the green with the second most recognized and largest cryptocurrency by market capitalization, Ethereum, leading the pack. Tokenhell reported on Tuesday that Bitcoin’s dominance was at 44.6%, 2.6% lower than the 46% dominance it posted last week. Ethereum has now leaped by 12.52% since last week leaving Bitcoin which has lost 0.35% behind.
In the same report by Tokenhell, it revealed that most Ethereum-based tokens were showing signs of life due to the high activity observed on decentralized exchanges and protocols, where they are mostly traded. In a related report, crypto analytics firm, Santiment observed that despite the back and forth on Bitcoin’s price, it has not affected the uptick move of some altcoins. Santiment’s report cited the Ethereum-based tokens doing well despite BTC’s downtrend as $UNI, $COMP, $AAVE and $SNX.
ERC20 Tokens Price Peak. Source:CoinMarketCap
Similarly, some altcoins that have shown great performance since last week are Axie
Infinity’s $AXS which is the native token of the platform. Axie Infinity is a game built on the Ethereum blockchain and allows users to nurture and trade battle characters while they earn the $AXS token. $AXS is an ERC20-based token as well. The price of the token moved to a new ATH of $13.59 after trading at a low of $5.20 in the past week, making it leap by 161%.
Kucoin’s KCS Attains New ATH
Leading cryptocurrency exchange, Kucoin’s native token also traded at a new all-time high this week after posting a week-low of $6.86. The price moved from that mark to an unprecedented high of $14.47, signalling an uptick of over 110% in a week. In a similar trend, Alpha Finance’s $ALPHA moved by 114% from $0.41 to $0.88. Perpetual Protocol’s PERP was not left out to altcoin uptrend since the beginning of the week as it recorded a new high of $11.86, a 112% leap from a low of $5.59.
DeFi Activities on the Increase As Investors Look for Alternatives
Despite Bitcoin’s unstable move since May, a slew of other altcoins are as well indicating a bullish rally on their prices. Understandably, a host of tokens in the decentralized finance space have maintained a bullish trend as activities and transactions volume on most DEXs and DeFi protocols increase.
BakerySwap, a decentralized exchange for staking, liquidity farming and NFTs attained its 500,000th transaction in its NFT section on Monday. This is definitely an obvious indication that investors and traders are finding succour in the DeFi activities as the main crypto market tries to fully recover from its tragic crash in May.
On the contrary, most altcoins are still trading far below their previous ATHs. A further downtrend on Bitcoin may lead a general dip on altcoins, thereby increasing Bitcoin’s dominance. Following the price increase on some ERC20 tokens, speculations arose as regards Ethereum overthrowing Bitcoin to become the top crypto asset including by market cap. Ethereum 2.0 built on PoS is underway.
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