The world’s most valuable cryptocurrency, bitcoin, is facing tough competition from other cryptocurrency assets as the recent rally in altcoins is causing a major drop in the total crypto market dominance of BTC. According to the latest data published by Coinmarketcap, Bitcoin’s market dominance dipped below 45% for the first time in several weeks after Ethereum, Binance Coin, Cardano, XRP, and Dogecoin saw strong gains in the last seven days.
Bitcoin is up by approximately 12% in the last week.
Bitcoin is up by approximately 12% in the last week, while the price of Cardano increased by nearly 42% during the same period. ETH and DOGE are also up by more than 30% in the last seven days. Currently, Bitcoin is trading near $45,000 with a market cap of more than $850 billion. Bitcoin’s crypto market dominance currently stands at around 44.7%, compared to 48% during the last week of July 2021. Bitcoin has gained a lot of mainstream exposure this year, along with many other cryptocurrencies.
Bitcoin network activity increases in the last week.
Bitcoin network activity also increased sharply during the last few days as the world’s largest cryptocurrency price jumped above $46,000. “Address activity continues to be a very important metric to watch for hints on whether the leading cryptocurrency will cross $50k or fall below $40k. As of now, nearly 720k to 930k addresses use the BTC network daily, and we’re looking for a spike above 1 million as a bull run signal,” crypto analytics firm Santiment highlighted recently. The exchange supply ratio of BTC has also dropped sharply since the start of August 2021. Leading Bitcoin accounts are moving the cryptocurrency from digital exchanges to crypto wallets.