Bitcoin, which experienced a more than 30 percent price drop off its recent highs, today had a record low in its percentage of cryptocurrency’s total market cap as investors hedge with other prominent altcoins.
While the scaling debate and price swings have been going on during the last few months, the Bitcoin Dominance Index, which shows how much of the entire cryptocurrency economy is dominated by Bitcoin, has been dropping all the way to reach a record low at 37.6%.
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Today’s figure is the coin’s weakest level since June 2017, and many point to the increasing popularity of altcoins such as Ripple and Ethereum as a convenient reason why.
Ripple has experienced a massive short-term advance in market cap, after seeing a staggering $80 billion increase within a month. The sudden and dramatic ascension through the ranks has taken Ripple to the position of the world’s second-most valuable cryptocurrency. It had already overtaken Ethereum for the first time since May 2017, with its market cap surging to $85.2 billon.
Although Ethereum has managed before to regain its previous position, but this time Ripple has built a strong adoption among major banks in Japan and South Korea, where the majority of its trading volume is concentrated in.