Quick Take
Recent market data underscores a significant shift in cryptocurrency dynamics as Bitcoin’s dominance over altcoins, like Ethereum and BNB, surges forward. Yesterday marked a notable sell-off in altcoins, encompassing all cryptocurrencies besides Bitcoin. This sell-off has led to Binance Coin (BNB) and Ethereum (ETH) reaching new lows against Bitcoin this cycle.
When evaluated in terms of USD, Binance Coin hit $208 for the third time. The Ethereum to Bitcoin ratio plunged to an all-time low of $0.057. Interestingly, Ethereum’s USD-denominated value avoided hitting a new low, holding steady above its previous low of $1,544 in September.
Meanwhile, Bitcoin has been steadily amplifying its market cap dominance, now accounting for more than 51%, and seems to be approaching a new cycle high. This shift indicates a possible investor preference towards Bitcoin, the world’s largest and most established cryptocurrency, over its smaller counterparts like Ethereum and Binance Coin.
The post Bitcoin regains market dominance while Ethereum and BNB hit new cycle lows appeared first on CryptoSlate.
Source: https://cryptoslate.com/insights/bitcoin-regains-market-dominance-while-ethereum-and-bnb-hit-new-cycle-lows/