Cardano Gets Back Into Top 4 As BTC Dominance Drops To 35-Month Low

Cardano gets back into the top 4 as the BTC dominance dropped to a 35-month low as it failed to overcome the $50K level. In contrast, ADA climbed to a new all-time high as we can see more in our latest Cardano ADA news.

Bitcoin’s price continues to tumble as the asset failed to break the $50K level again and some alternative coins marked substantial gains over the past 24hours including the all-time high for ADA and a 15% surge for XRP. As a result, the BTC dominance dropped to its lowest level since June 2018. Ever since Elon Musk announced that Tesla will halt receiving BTC payments for its cars, the price of the number one cryptocurrency struggled.

BTC traded to a new high above $58,000 but Musk’s decision enhanced the volatility that pushed it down by $12,000 in one day. After reaching a two-month low of  $46,700, BTC attempted a fast recovery that took it to only $51,000. However, it reversed the trajectory right away and kept struggling below the $50,000 since then. Furthermore, the bears kept the pressure rising and BTC dropped to an 11-week low earlier today as reported. As such, BTC’s market cap lost another major milestone and dipped below 40% which is the lowest percentage seen since mid-June 2018.

Similar to the leader, most alternative coins struggled in the past few days as ETH which saw the latest all-time high failed to bounce off. Consequently, ETH lost another 4% of value since a day ago and it is down below $3900. Binance Coin trades below the $590 level, DOGE trades at $0.53, Polkadot sits at $46, and BTC cash to $1200. In contrast, XRP spiked by 15% and neared $1.6 with Cardano still well in eh green after a 14% increase on a 24-hour scale. ADA doubled down on its impressive performance and printed a new ATH minutes ago to $2.4.

The situation with the lower-cap altcoins is quite negative as well with Revain dropping 15%, Telcoin dropping by 12% and Curve DAO dropping by 12% as well. NEAR dropped by 11% and Reserve rights by 10%. The crypto marekt cap is also down by $100 billion since a day ago to $2.250 trillion while Cardano gets back into the top 4.

Source: https://www.dcforecasts.com/cardano-news/cardano-gets-back-into-top-4-as-btc-dominance-drops-to-35-month-low/