Bitcoin (CRYPTO: BTC) Dominance fell below 50% for the first time in nearly three years last week, CoinShares chief strategy officer Meltem Demirors told CNBC’s “Squawk Box” on Monday.
Related link: Dominance of the Bitcoin crypto market just before slipping below 50% As Dogecoin, other smaller alts are pre-charged
Much of the volatility in Bitcoin is caused by traders, Demirors told CNBC.
ether (CRYPTO: ETH) is the main cryptocurrency affecting bitcoin dominance, she said. Investor sentiment about Ethereum is changing, Demirors said, adding that many investors are converting their Bitcoin profits to Ethereum.
See also: How to Buy Ethereum (ETH)
Dogecoin (CRYPTO: DOGE) has become hugely popular lately as the meme-based cryptocurrency has soared to almost $ 0.50 in the past few weeks.
CNBC’s Andrew Ross Sorkin noted that Dogecoin started out as a joke and asked Demirors if the meme-based cryptocurrency mocked the cryptocurrency asset class.
Demirors replied that Dogecoin doesn’t invalidate anything else that happens in the crypto room, just as it does GameStop Corp. (NYSE: GME) doesn’t invalidate the rest of the stock market.
Like it or not, Dogecoin is here, she said, adding that “people seem to like it”.
Related link: Doge recovers from losses after 4/20; What for the meme coin lies ahead of us
Price action: Bitcoin is up 84.97% since the start of the year.
Ethereum is up 236.23% since the start of the year.
Dogecoin is up 5,597.76% since the start of the year.
(Image by TheDigitalArtist from Pixabay)
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