Bitcoin dominance has dropped below 40 percent for the first time since June 2018.
Altcoin dominance has been at its highest point since June of 2018 after the price of Bitcoin took a tumble over the weekend. At press time, BTC dominance was sitting at 39.98%. ETH held the second-highest share of the market, with roughly 20 percent dominance; Binance Coin, DogeCoin, Cardano, Tether and XRP followed.
While BTC is still up roughly 55 percent since January 1st, the price of BTC has declined significantly over the past several days.
However, beyond Elon Musk analysts have been noticing a trend toward an “alt season” for several months.
In early May, Chad Steinglass, Head of Trading at CrossTower, told Finance Magnates that: “as BTC has been struggling to find direction for weeks, ETH and many other altcoins have taken over traders’ attention.”
Still, Steinglass said, Bitcoin bulls were hoping for some good news; “After consolidation in BTC towards the end of April, bulls got their hopes up for an announcement of another company adding BTC to currency reserves during the heart of tech earnings season,” he said.
“However, earnings reports came and went with no mention of BTC, and in fact, of the major companies that had already been involved, TSLA trimmed their holdings somewhat and Microstrategy (MSTR) did not add during the recent dip.”
Indeed, some crypto analysts believed that Tesla’s initial entry into Bitcoin would inspire other corporations to do the same, but the public entry of other large companies into Bitcoin and other Cryptocurrencies has failed to materialize in a meaningful way.
Now that Tesla is taking a step back from Bitcoin, it seems the opposite could happen. When the announcement was made, Elon also said that Tesla would be exploring other cryptocurrencies with lower environmental impacts. However, the communities of these possible 'other cryptocurrencies' have had mixed responses.
Altcoin dominance has been at its highest point since June of 2018 after the price of Bitcoin took a tumble over the weekend. At press time, BTC dominance was sitting at 39.98%. ETH held the second-highest share of the market, with roughly 20 percent dominance; Binance Coin, DogeCoin, Cardano, Tether and XRP followed.
While BTC is still up roughly 55 percent since January 1st, the price of BTC has declined significantly over the past several days.
However, beyond Elon Musk analysts have been noticing a trend toward an “alt season” for several months.
In early May, Chad Steinglass, Head of Trading at CrossTower, told Finance Magnates that: “as BTC has been struggling to find direction for weeks, ETH and many other altcoins have taken over traders’ attention.”
Still, Steinglass said, Bitcoin bulls were hoping for some good news; “After consolidation in BTC towards the end of April, bulls got their hopes up for an announcement of another company adding BTC to currency reserves during the heart of tech earnings season,” he said.
“However, earnings reports came and went with no mention of BTC, and in fact, of the major companies that had already been involved, TSLA trimmed their holdings somewhat and Microstrategy (MSTR) did not add during the recent dip.”
Indeed, some crypto analysts believed that Tesla’s initial entry into Bitcoin would inspire other corporations to do the same, but the public entry of other large companies into Bitcoin and other Cryptocurrencies has failed to materialize in a meaningful way.
Now that Tesla is taking a step back from Bitcoin, it seems the opposite could happen. When the announcement was made, Elon also said that Tesla would be exploring other cryptocurrencies with lower environmental impacts. However, the communities of these possible 'other cryptocurrencies' have had mixed responses.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
US Prosecutors Recommend 3-Year Prison Sentence for Binance's Changpeng Zhao: Report
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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