A crash last week caused Bitcoin prices to soar nearly 10% in a single day – which has caused a lot of gloom in the market. Last week, however, things were done differently – most of the markets in the crypto sector have already moved to far greener pastures. The price of BTC has also increased; but the dominance is still not there. Currently, the major currency in the crypto sector is at a seven-month low.

The current price of Bitcoin is somewhere where it was a few weeks ago. While they haven’t been able to go back to their all-time high of around $ 61,684 that they had a few weeks ago, the current price is at $ 59,668. With this in mind, it is also imperative that traders understand that the dominance of this cryptocurrency is at an all-time low.

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At the beginning of 2021, this currency dominated 72% of the crypto market. Now the coin is in free fall – which has caused its dominance to decline by around 58.47%. Dominance simply measures the market capitalization of a particular currency and how it compares to other tradable currencies in the market.

Bitcoin is an NPC today

To put it simply, Bitcoin is not what it was a few weeks ago. If we put things in perspective, the two major cryptocurrencies haven’t done well at all. Ethereum, for example, barely managed to surpass $ 2000 – and while they hit an all-time high, it’s not by much. On February 20, they briefly passed the $ 2,000 mark and hit $ 2,036. After that, it regressed and never exceeded it for almost a month. It is currently at $ 2,113.

The place for Bitcoin was held by other cryptocurrencies like XRP, Polkadot, Uniswap and others. And these altcoins have been on the rise for quite some time.

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