Usman Salis
Bitcoin dominance has hit its lower levels since the beginning of 2020 according to the Bitcoin (BTC) market cap dominance chart. This means that the altcoin era begins again. The most popular tokens may restart their uptrends in the nearest future.
According to the chart, the BTC market cap dominance has reached 61.00 today, which is the lowest level since January 1, 2020. This figure is a good indicator showing the interest of traders and investors towards other digital assets.
Bitcoin Fails to Break out an Important Level
Bitcoin stands below $12,000, which is currently a very important psychological level. BTC/USD price managed to start the uptrend due to the weaker DXY. However later US Dollar index has got support from the better than expected US labor market data. BTC/USD reacted by a correction close to its 2020 highs.
What’s Going on with the Main BTC Rivals
ETH/USD stays close to its yearly highs. The currency pair is testing its $400 psychological level, ready to move even higher. ETH/USD was also supported by the weaker US Dollar index but currently, the currency pair retreated from its 2020 highs due to better than expected US labor market data.
Litecoin is far below its 2020 lows, but is trying to resume the uptrend. Currency LTC/USD is under pressure unable to break out $60.00 level. However, this situation with the lower BTC dominance may support Litecoin in the nearest future.
XRP is close to 2020 highs. The currency pair has tested $0.32 but retreated from that level recently. Ripple will also benefit from Bitcoin’s (BTC) dominance decrease.
Usman Salis
