The world’s most valuable cryptocurrency, Bitcoin, faces fierce competition from other cryptocurrency assets as the recent rally in altcoins has resulted in a sharp decline in the overall dominance of BTC’s cryptocurrency market. According to the latest data released by Coinmarketcap, Bitcoin’s market dominance fell below 45% for the first time in several weeks after Ethereum, Binance Coin, Cardano, XRP and Dogecoin saw strong gains over the past seven days.
Bitcoin is up about 12% in the past week.
Bitcoin is up about 12% over the past week, while Cardano’s price has increased nearly 42% over the same period. ETH and DOGE have also increased by more than 30% in the last seven days. Currently, with a market cap of more than $ 850 billion, Bitcoin is trading near $ 45,000. The dominance of the Bitcoin crypto market is currently around 44.7%, compared to 48% in the last week of July 2021. Bitcoin has gained a lot of mainstream exposure this year along with many other cryptocurrencies.
Bitcoin network activity has increased over the past week.
Bitcoin network activity has also skyrocketed in the past few days as the world’s largest cryptocurrency price surged to over $ 46,000. “Address activity continues to be a very important metric to provide clues as to whether the leading cryptocurrency will exceed $ 50,000 or fall below $ 40,000. Right now, nearly 720,000 to 930,000 addresses are using the BTC network every day, and we’re looking for a spike of over 1 million as a bull run signal, ”cryptanalyst Santiment highlighted recently. The exchange offer ratio of BTC has also fallen sharply since the beginning of August 2021. Leading Bitcoin accounts are shifting cryptocurrency from digital exchanges to crypto wallets.
📊 Address activity remains a very important metric to provide clues as to whether #Bitcoin will exceed $ 50,000 or drop below $ 40,000. Currently, 720,000 to 930,000 addresses are using the $ BTC network every day, and we’re looking for a spike over 1m as a #bullrun signal. https://t.co/E19gJAxvRp pic.twitter.com/NT93zWHpqh
– Santiment (@santimentfeed) August 12, 2021