Story Highlights
Despite the confidence released by market participants in altcoins, Bitcoin price is losing its reputation.
Altcoins are seen to be showing great strength compared to Bitcoin, which could increase the dominance of altcoins in the market.
Bitcoin is the most dominant coin in the crypto space with nearly 48 to 50% market share. Many altcoins including top altcoins like Ethereum, Solana, Cardano, XRP, etc. have made their own significance but the leader remains unchanged. However, in the coming days, this trend is expected to change to a great extent as traders now seem to have discovered the true potential of altcoins and their use cases.
Recently, the market has witnessed the birth of many tokens such as PEPE, which is trading with a 4-digit margin. In addition, some existing altcoins are also performing very well despite the BTC price maintaining a stagnant trend. At the same time, the trading volume of altcoins continues to rise while Bitcoin maintains the same lower consolidation area.
Despite all the fractals going against the star cryptocurrency Bitcoin, its dominance continues to surge. However, it may not remain the same, as BTC’s social dominance is waning while that of altcoins (particularly Ethereum, XRP, and Binance Coin) is rising.
BTC’s social volume has seen a notable drop following its March rally. ETH, XRP, and BNB are now being discussed more as altcoins continue to recover. This shift could ultimately increase altcoins’ combined market share, which currently stands at less than 50%.
Currently, Binance Coin is receiving more attention as it managed to break above $250 with a gain of 7.12%. Meanwhile, Ethereum and Ripple remain in the same zone, trading at $1742.27 and $0.5159, down 0.33% and 2.56% respectively. The altcoin market cap continues to hover within the pre-determined resistance and support levels without any possibility of a breakout.
Therefore, an extended consolidation could further lead to a major breakout as several events such as CPI rates, progress in Ripple’s lawsuit with the SEC, etc. could have a broader impact on future altcoin rallies.
