Ethereum Dominance Dropped To 7.5% And Bitcoin’s Hit 70%
It’s been reported that the digital currency market is at the moment in a correction phase following a recent upsurge that managed to push the price of BTC over the $12k level.
At the moment, BTC is trading in the green on CMC, and the coin is priced at $11,842.29.
Ethereum dominance level drops
Smartereum notes that the dominance level of Ethereum (ETH) is currently raising some concerns.
This is the second-largest digital currency by market cap, and it’s the most dominant crypto after Bitcoin.
On the other hand, they also note that the dominance level of Ethereum has rapidly reduced and a lot of digital asset investors are becoming really worried about this.
Smaretreum notes that “The dominance level of Ethereum (ETH) has enormously underperformed Bitcoin. Ethereum (ETH) dominance level has plunged below 8 percent; it is 7.5 percent at the time of writing.”
The online magazine continues and explains that “This means Ethereum now contributes only 7.5 percent of the valuation of the entire digital currency market share. Ethereum has not found favor in the sight of the bulls to help it compete with Bitcoin. The altcoin season did not even do much for the coin.”
The online publication notes that the dominance of BTC is increasing on a daily basis.
As Smartereum wrote: “Earlier this year, Bitcoin dominance dropped to the 50 percent level; this was when many thought altcoins are taking over the market”
Now, the dominance level of BTC is at about 70%.
Key Bitcoin signal says “buy”
We recently revealed that the latest reports coming from Bloomberg said that there’s a key indicator which is flashing the first buy signal since back in June.
The Daily Hodl mentions that the GTC VERA Convergence Divergence Indicator is suggesting that Bitcoin may be poised to reach new 2019 highs, according to Bloomberg.
This gauge uses typical moving average convergence divergence (MACD) and is trying to find increased volatility and delete excess noise.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.