Bitcoin Dominance Sinks to 34% on ‘Real 10’ Exchanges; XRP, ETH Price Thrive
The inflated volume figures on CoinMarketCap suggest Bitcoin dominance is above 57%. But as the pendulum swings and Bitcoin’s surge gives way to the altcoin pump, it may actually be as low as 34%.
Bitcoin Loses Trade Dominance
That’s according to data sifted from ‘Real 10’ exchanges – the exchanges listed by Bitwise as being legitimate when the firm applied for a Bitcoin ETF earlier this year. (The SEC just postponed their decision on the ETF once again).
In place of BTC dominance we find the three major altcoins accounting for close to 40% of the day’s total trades: Ethereum, Tether and XRP, all posting close to $1 billion each in trades. Data from OpenMarketCap.
This time last month there were no altcoins posting trades above $500 million whatsoever. Bitcoin volume surged as high as $5 billion during its peak over the past few days, on trusted exchanges alone. Today that figure is back down at $2.5 billion, as altcoin trading heats up.
Comparing to the snapshot below from April 9th, we see that the top half dozen altcoins have received the highest influx of trades – unsurprising considering these tend to be the most held. Moving further down the list, the change in volume is less pronounced. Yet coins like TRON and Cardano have pumped just as strong as Ethereum or XRP on Wednesday.
Altcoin Pump Picks Up Steam
At time of writing, Bitcoin’s price has found stability around the $8,000 range. Meanwhile, most of the major altcoins continue to post gains between 15-20% for the day.
Ethereum gained 45% over the past week – up from a starting price of $167.44, and climbing to Wednesday’s peak of $244.29. For the past twenty-four period ETH has grown by over 19.9% in value.
CoinMarketCap reports peak daily volume of $13 billion – the highest ever recorded in the existence of Ethereum and CMC.
However, OpenMarketCap places that figure closer to $1 billion. Taking decentralized exchanges into account (which OMC does not) would boost that figure once more.
The third highest capped cryptocurrency has already gained more than Ethereum this week, largely thanks to Tuesday and Wednesday’s surge triggered by Coinbase’s listing of XRP in its New York jurisdiction.
XRP is up 49% for the week, 43% over two days, and 14% for the past twenty four hours. From the week’s low of $0.294823, XRP hit a peak of $0.441930 by Wednesday afternoon.
Daily trades for XRP according to CMC stand at $6.5 billion. That figure has only been bested once – during the altcoin pump of January 2018 when trades peaked at $11.9 billion. OMC places the figure closer to $900 million.
Litecoin gained 41% over the past week, as the value of LTC soared from $73.05 up to $103.48.
Litecoin’s gains since December are astounding – 351% growth, up from a starting price of $22.91. Daily volume peaked at $6.3 billion according to CMC, and $283 million according to OMC – just 4.4% of the CMC figures.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Charts via CoinMarketCap.