The leading cryptocurrency bitcoin soared above $60,000 yesterday after a significant rise in demand. The cryptocurrency is currently trading near $60,200 with a market cap of more than $1.1 trillion. According to Coinmarketcap, the market dominance of Bitcoin has plunged since the start of this year. BTC’s current market dominance stands at around 54%, down from 70% in January 2021. The market dominance of BTC has reached its lowest level since April 2019.
XRP and Binance Coin witness a massive surge.
The latest surge in XRP and Binance Coin has played a major role in Bitcoin’s market dominance decline. Ripple’s XRP, the world’s 4th largest cryptocurrency, has jumped nearly 90% in the last seven days. Crypto exchange Binance’s native crypto Binance Coin (BNB) touched an all-time high of $570 today as the digital currency’s total market cap jumped above $87 billion. The declining market dominance of bitcoin is not the only challenge for the cryptocurrency, as the supply of Bitcoin at leading digital exchanges is also dropping sharply.
Bitcoin whales accelerate their BTC accumulation.
Bitcoin whales have recently accelerated their BTC accumulation. “The percentage of Bitcoin’s supply held by whale addresses with 100k or more BTC has risen from 0.76% 11 weeks ago, to 2.20% today, an 11-month high. Meanwhile, the smaller 1k-100k BTC addresses have dropped from 42.4% to 39.5% in the same time period,” crypto analytics firm Santiment tweeted. As reported earlier, Glassnode, a blockchain analysis firm, mentioned that BTC had solidified its position as a $1 trillion asset. Willy Woo, a well-known Bitcoin analyst, also tweeted that BTC’s $1 trillion market cap is acting as strong support for the leading cryptocurrency. Bitcoin has witnessed a massive rally in the past few months as its price crossed all-time highs several times. The main reason attributed to the cryptocurrency’s growth was increased institutional interest.