- All eyes are on DOGE for the second week in a row after gaining a jaw-dropping 500% last week – the precarious coin has started the new week with a 30% gain, inspiring a wider altcoins rally.
- Bitcoin has yet to find its momentum and is slowly losing market dominance to the altcoins.
The weekend saw the crypto market wipe out roughly $200 billion. Bitcoin dropped a staggering $8,400 in just a few hours. The top digital asset was however better off than altcoins including XRP, BCH and BSV which saw bigger price drops in the Sunday market crash. As CNF reported, the reason for the crash remains unclear with some analysts noting most of the reasons were fictitious and meant to trigger FUD.
Crypto bulls, despite the weekend crash, have proven they are still in charge. The market is back in the green zone with the market marking a 0.40% positive change in the last 24 hours. Altcoins have led the recovery and are slowly encroaching on the BTC dominance.
Altseason is here, led by DOGE
Altcoins are outperforming Bitcoin at the start of the week. Dogecoin (DOGE) is leading the comeback with a 30% gain in the last 24 hours. This is a strong start to the week after closing the last one with a historic 500% price increase in seven days. During the weekend, there were reports that CME Group was planning to launch a Dogecoin futures product. These claims have since been refuted.
Binance Coin (BNB) is another altcoin that has inspired the market’s return to winning ways. The digital asset has gained by as much as 20% during the day, climbing back above $500. Last week, Binance burnt over $500 million worth of BNB from its total supply, effectively raising the value of the circulating supply.
Among the top ten ranked coins, Bitcoin Cash (BCH) has also pulled off a remarkable rebound in the last few hours. Approaching $1,000, the Bitcoin fork is now up by 40% in the last seven days.
Bitcoin’s dominance threatened
Meanwhile, Bitcoin is still a long way to cracking the $60,000 level. In the last 24 hours, the market leader has gained as much as 3% but is trading in the $57,000 region. Being outperformed by altcoins, Bitcoin is struggling to maintain dominance which is now approaching its lowest levels in years.
A few months ago when the digital asset was on a parabolic surge, its dominance level was as high as 65 percent. This has since dropped to 51% at the time of press. In the historic 2018 altseason, Bitcoin’s dominance was under 50%. If this level is achieved, Bitcoin might continue to struggle to keep up with altcoins.
However, some analysts believe that altcoins and Bitcoin can rally simultaneously as the market is not currently rotating money. It is rather celebrating an influx of new money from new investors getting involved.