Bitcoin Dominance Remains High – What This Means For Altcoins
Bitcoin (BTC) is the largest cryptocurrency by market cap, currently commanding over half of the crypto market dominance. According to Tradingview, Bitcoin's (BTC) dominance stands at over 55%, representing a 2.5% increase in the past month and an over 1% increase in the past week.
This is noteworthy as the bears and bulls continue to battle for the supremacy of the crypto market. The Bitcoin (BTC) dominance acts as a gauge that helps traders measure the market sentiment and the influence of Bitcoin (BTC) on altcoin trends.
What The Rising Bitcoin Dominance Means For Altcoins
One of the factors propelling the rise in dominance is the Bitcoin halving, which took place on April 19, 2024. While Bitcoin (BTC) is also affected by the ongoing decline in the price of assets, a closer look at the market shows that altcoins and other Layer 1 blockchains seem to be suffering more. This is evidenced in the price movement of top altcoins like Solana (SOL), which has recorded a 20% decrease in the past week, and Cardano (ADA), which has experienced a 23% drop in price.
Even artificial intelligence (AI) tokens were hit badly despite enjoying a massive rally just a few months ago. Top AI tokens like FetchAI (FET) declined by 24%, and Render (RNDR) saw a loss of 13% in price value. These significant losses have also aided the increase in Bitcoin dominance. This is because a rise in the BTC dominance gives less room for altcoins to rise, meaning an increase in dominance is bearish for altcoins.
Bitcoin (BTC) at the moment trades around the $65,000 mark, which is a 15% decrease from its all-time high of over $73,000, according to data from asset tracking platform Coinmarketcap. With the Bitcoin halving, many in the crypto industry are optimistic that Bitcoin (BTC) will surpass its all-time high and even reach $100,000.
This belief is fueled by the bullish price movements usually associated with the Bitcoin halving. Further, Google search interest in the halving has significantly increased compared to the previous halving in 2020. Also, the halving search interest has surpassed that of Dogecoin (DOGE), Ethereum (ETH), and Solana (SOL).
ETFSwap (ETFS) Prepares For The Bull Run With Land Mark Presale
ETFswap (ETFS) is a decentralized crypto project that intends to bridge the gap between traditional and decentralized finance through tokenizing exchange-traded funds (ETFs). With the recent approval of Spot Bitcoin and Ethereum ETFs in Hong Kong, it's no fluke that crypto ETFs are here to stay; therefore, by bringing this asset on-chain, they will be more accessible to all in the crypto community.
As a DeFi platform, ETFSwap (ETFS) allows users to access its features and functionality without filling out Know Your Customer (KYC) forms that are common on centralized platforms, thereby safeguarding the identity of their users.
However, individuals who want access to these assets must purchase the platform's native token, which will be the key to investing in tokenized exchange-traded funds (ETFs). Further, holding this token has other perks like governance, which enables holders to participate actively in decision-making on the network. Also, users can benefit from features like leverage trading, seamless swapping services, and fractional ownership. They can also earn passive income through the staking function on ETFswap (ETFS).
Currently, the only way to purchase ETFS is in the ongoing stage 1 presale, where the platform offers it at $0.00854 per coin. All who buy it at this stage stand in line to make an automatic profit when stage 2 starts at $0.01831.
This assured expectation of yield on investment has brought in savvy investors impressed by the platform ecosystem, with over 20 million tokens sold already. Also, experts speculate a 10,000% increase will take the token to the $1 mark soon, giving investors 100x profit on their investments.
So grab the bulls by the horns and join the ETFswap (ETFS) presale today to increase your chances of having a massive return on investment (ROI).
For more information about the ETFS Presale:
Disclaimer: Cryptocurrency investment is a high-risk activity in a volatile market. Any financial and crypto market information in this article is for informational purposes only and should not be treated as investment advice. Conduct your research and consider consulting financial experts before making any investment decisions.