Cardano back in Top 4 as Bitcoin dominance drops
ADA has climbed to yet another all-time high as Bitcoin’s dominance has dropped to a 35-month low as BTC fails to overcome $50,000.
Due to Bitcoin’s tumble being failed to overcome $50,000 yet again, some of the altcoins have marked substantial gains in the past 24 hours, including another all-time high for ADA and a 15% surge for XRP. As a result, BTC’s dominance has fallen to its lowest level since June 2018.
Ever since Elon Musk announced that Tesla will cease receiving bitcoin payments for its electric vehicles, the price of the primary cryptocurrency has struggled severely.
Bitcoin’s market cap lost another significant milestone and dipped below $900B. Additionally, the asset’s market dominance has continued to fade away. The figures comparing BTC’s market cap with the altcoins is down below 40% which is the lowest percentage seen since mid-June 2018.
Following the leader, most altcoins are also struggling in the past few days. Ethereum, which saw its latest all-time high on May 12th, has failed to bounce off decisively. Consequently, ETH has lost another 4% of value since yesterday and is down below $3,500.
As of now, Binance Coin is down 9% trading around $530, Dogecoin is down 5% at $0.50, Polkadot down 14% sitting at $39, Bitcoin Cash is also down 10% trading around $1100 and Litecoin down 8% is at $286, according to 24-hour data chart from CoinMarketCap.
In contrast, XRP has spiked by 15% and has neared $1.6 but trading at $1.45 now. Cardano is also well in the green after a 14% increase on a 24-hour scale. Thus, ADA has doubled down on its recent impressive performance.
ADA painted its latest ATH minutes ago at $2.4, and its market cap surpassed that of DOGE, making it the fourth-largest crypto.
Ultimately, the crypto market cap is down by roughly 8% sitting at $2.089 trillion.