Bitcoin has started facing competition from alternative coins (altcoins), on the basis of data by Cointelegraph. According to the publication, figures from CoinMarketCap and TradingView shows that BTC is currently making up around 41% of the overall cryptocurrency market capitalisation, which has reportedly been its lowest since the start of 2022.
As stated by Cointelegraph, altcoins have rallied considerably in the last few months after facing competition from Terra LUNA, now renamed Terra Classic (LUNC). With Bitcoin’s return from 18 month lows of $17,600 in June, altcoins are now giving competition to Bitcoin bulls. CoinMarketCap’s data stated that Bitcoin’s market capitalisation is at its lowest currently since middle of January, with Ether coming to the limelight in recent weeks. From 14.3% market capitalisation on June 19, Ethereum market capitalisation is now at 19%. Through a normalised score of 94 out of 100, the Altcoin Season Index has been considered convincing since June 2021. The metric states that its score being closer to zero means that its favours Bitcoins over altcoins.
Based on Cointelegraph’s information, on August 9, ETH/USD was down close to 7%, while BTC/USD dropped $1,000 in hours on the day. On-chain monitors, meanwhile, showed that a major player on exchange Bitfinex had majorly reduced their long ETH exposure, which was indicative of the fact that downside was all but guaranteed next.
On the information provided by Cointelegraph’s official website, it is a digital media resource covering news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends. Their team believes in the deliverance of up-to-date news from both the decentralised and centralised worlds. With technology breakthroughs occurring in fields such as artificial intelligence (AI), virtual reality (VR), nanotech, quantum computing, and an increasing number of businesses, entrepreneurs and consumers adopting blockchain technology in everyday life, the publication aims to inform, educate, and share information with its readers.
(With insights from Cointelegraph)
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