Altcoins rally as bulls pile into large-cap tokens and layer-1 projects


The cryptocurrency market provides investors with another day of ‘altseason’ as the majority of altcoins in the top 100 on CoinMarketCap rallied today. Several large-cap tokens reached multi-year highs and this all took place as Bitcoin (BTC) price struggles to hold any of the news-event-driven gains that it has accrued throughout the week. One of the most notable performances has been put on by Ethereum Classic (ETC), the “unaltered” Ethereum (ETH) fork that has been gaining traction over the past week as its dedication to a proof-of-work consensus mechanism attracts the attention of miners and retail ‘Robinhood’ investors.ETC/USDT 4-hour chart. Source: TradingViewData from Cointelegraph Markets and TradingView shows that after hitting a low at $86.12 in the early trading hours on Thursday, the price of ETC jumped 81% to reach a new all-time high at $179.83 as the 24-hour trading volume spiked to a record $39.1 billion. Several large-cap cryptocurrencies have seen significant gains recently including, Litecoin (LTC) which hit a one-year high compared to BTC, and a 68% rally in Bitcoin Cash (BCH) which spiked above $1,500 for the first time since May of 2018. Layer 1 solutions soar as trading volumes increaseEther also hit a new all-time high at $3,605 as excitement continues to build ahead of the London hard fork and the implementation of EIP-1559, which is expected to take place in July. Major #Ethereum gas fee overhaul #EIP-1559 scheduled for July, in the #London network upgrade https://t.co/mQrxvSt7aa via @cointelegraph— Attestant ⟠ (@AttestantIO) March 8, 2021

Cardano’s ADA token is another top 10 project that saw its price reach a new all-time high at $1.69 and Tezos (XTZ) rallied 23% after the start of the trading day to reach a new record high at $8.05. Several of the ‘Ethereum Killers’ that arose out of the 2017-2018 bull market saw double-digit gains including EOS, whose price rallied 50% intraday to a peak of $12.57, and Neo (NEO), which spiked to a high above $128 before a general market pullback led to a dip in the majority of prices. Bitcoin dominance drops to new lowsThe steady strength shown from altcoins has led to a steady decline in Bitcoin dominance over the past month, which dropped to a low of 45.25% on May 6. According to analysts, this is yet another sign that an altcoin season is in full effect. BTC market cap dominance 4-hour chart. Source: TradingViewWhile institutions appear to heavily favor Bitcoin and to a lesser degree Ether, retail traders have been drawn to lower-priced tokens that offer the possibility of larger gains, as evidenced by the recent price explosion in Dogecoin (DOGE).If this trend continues, it’s likely that Bitcoin’s dominance rate could continue to slide lower as new funds coming into the cryptocurrency ecosystem through stablecoins are more widely distributed. The overall cryptocurrency market cap now stands at $2.346 trillion and Bitcoin’s dominance rate is 45.5%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Ora Goodwin
Ora Goodwin
I am a well-known and respected author in the cryptocurrency field. I have been writing about Bitcoin and other digital currencies for over 5 years, and my work has appeared in some of the most respected publications in the space. I am also a regular speaker at industry events, and my insights into the crypto market are highly sought after by both media and investors. In addition to my writing and speaking engagements, I am also an active advisor to several blockchain startups, and I sit on the board of directors for the Blockchain Education Network.

Similar Articles

Most Popular

Football lengend David Beckham joins Greed island

On November 5th, the English football superstar David Beckham announced that he would join the Greed Island team, and the whitelist application channel has...

The NFT Project Driving Freedom of Speech in The Metaverse

"Schooling" The Metaverse On Free Speech, Tanked Gil Schoolies NFT's Use Comedy to Fight Cancel Culture With Freedom of Speech Under Attack in and around...

Potential projects to get whitelisted on Solana and Ethereum

The rapid expansion of the NFT sector over the last year has made possible a plethora of innovative new endeavors. The early identification of...

THE Ape-Revolution of the Defi Space

What do you get when you combine game-changing utility, an experienced team in Defi and a frenetic committed community? A monster coin in the...

The Sublimation of Metaverse Experience: Visualization, Multi-scene, Immersion

DID, Metaverse, Immersive Experience, On-chain Visualization, On-chain Interaction In recent years, the "metaverse" has become the new consensus of the global technology giants on the...

Funex Club Announces the Launch of its Upcoming Multi-Chain Decentralized Crypto Wallet – Funex Pro

VILNIUS, LITHUANIA / ACCESSWIRE / October 17, 2022 / After the successful launches and presale programs of its native currency, i.e., Funex Coin - Funex Club is...

NuriFlex successfully completed 1st round of NuriTopia $NBLU token private sales

VANCOUVER, British Columbia -- NuriFlex Holdings Inc. (www.nuri.ca, “NuriFlex”) announced that it has successfully completed 1st round of $NBLU token private sales. $NBLU token...

Bowled.Io To Build A Multilateral Community In Partnership With Prominent Web3 Ecosystem Players

Gaming is the fastest-growing entertainment industry in India. The number of online gamers in India has nearly doubled to 510 million from 269 million...