Bitcoin’s (BTC) market dominance continues to decline, even though the apex cryptocurrency peaked at $ 63,742.28 on Monday.
What happened: With the press, BTC had a dominant market capitalization of 53.8%, which is lower than last week when the currency dominated 55.6%.
A chart showing the dominance of different cryptocurrencies, thanks to CoinMarketCap
The second virtual currency in terms of market dominance remains Ethereum (ETH) at 12.03%.
In terms of price, BTC traded 4.71% higher at press time at $ 63,201.13 while ETH traded 6.02% at $ 2,288.04 at time of printing.
According to an analyst, the so-called “altcoin season” is the loss of dominance.
Michaël van de Poppe predicted a “very bullish” summer for alt coins. Earlier in January, he had predicted a $ 10,000 prize for ETH.
Why it matters: BTC rose 9.56% on a seven-day basis, but several cryptocurrencies outperformed gains.
Dogecoin (DOGE), the frequent topic of Tesla Ing (NASDAQ: TSLA) Elon Musk’s tweets averaged 71.01% for the week. DOGE traded 52.07% higher at $ 0.11, which is an all-time high.
XRP (XRP) was up 68.98% for the week, trading 24.14% higher at 24-hour basis at $ 1.79.
See also: Why is XRP (Ripple) hitting record highs despite SEC threat?
Other notable weekly earners include KuCoin token (KCS), Binance Coin (BNB), Pancake exchange (CAKE), and Bitcoin gold (BTG) all increased by 49.27%, 38.91%, 37.78 and 36.42% respectively.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.