The BTC dominance has dropped to 38% for the first time since 2018. This is as the price of the asset dropped below the $19k mark. At its current price of $18,725, BTC is trading at a price it last traded in June when the $18k formed a support for the coin.
This has happened as $100 million in BTC longs were liquidated in the 24 hours.
Not only is #Bitcoin crashing, but its dominance has fallen to 38.1%, its lowest since June of 2018. Competing with almost 21,000 other intrinsically worthless digital tokens, NFTs and #crypto related equities is taking a toll. Even if Bitcoin is scarce, its alternatives are not.
— Peter Schiff (@PeterSchiff) September 6, 2022
Drop in Dominance To 2018 Level
Since 2018, BTC dominance has been above 38% and the recent drop in dominance is an indication that investors are spending money on other coins apart from BTC. Those that believe in crypto investments are most likely putting their coins in altcoins that they feel have more potential of quicker profit. They most likely are considering the fact that BTC has traded at this particular range around the $20k level for weeks.
Also with altcoins such as Ethereum and Cardano poised for upgrades, the prospect of a spike in the value of the tokens is high.
Ethereum is currently trading at $1,510 on Wednesday morning. The coin is up by 9% in the past 24 hours. Its week-long loss is 5%.
UNUS SED LEO in Green
At the time of reporting, all the tokens among the top 20 most capitalized coins are in red. The only exception is the IFINEX discounting token, UNUS SED LEO which has made a modest gain of 2% in the past 24 hours. On the 7-day chart, the token is still down by 8% and has a market price of $5.18.
Helium, Another Gainer
Another gainer in the past 24 hours is Helium, which is the 70th most capitalized cryptocurrency. According to data available at Coinmarketcap, Helium (HNT) is trading at $4.22, having gained 14% in the past 24 hours. On the 7-day chart, the coin is down by 24%. Over the day, it has a trading volume of $530 million.
All the other coins among the top 100 are in red with Lido DAO down by 17% as the biggest loser in the past 24 hours.