May 12, 2021

Cryptheory

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BTC dominance declines as Binance Coin and ETH hit new all-time highs

2 min read

TL;DR Breakdown

  • Binance Coin has recorded a new all-time high.
  • BTC has continued to lose momentum in recent weeks.

Binance Coin and ETH have reached all-time highs in recent hours while BTC has been declining. This week was strong for ETH as the coin rallied on Saturday to a price of $2880 on popular exchange Binance. ETH hit an all-time high and has had six days of continuous bullish purchasing.

Also, Binance Coin recorded a new all-time high for the first time in three weeks. On Saturday, Binance Coin hit $645 after a continuous successful week.

Both currencies have reached new highs in recent weeks as BTC has decreased its dominance. During the past month, BTC has fallen in the market and its dominance is now around 49.86% compared to the 60.61% it reached a month ago.

ETH is expected to keep rising in the market and to hit $3000. ETH recently completed the Berlin fork and will have its next update in July.

Expectations high with ETH growth

Binance Coin

Investment firms have been interested in ETH. Rothschild Investments recently bought $4.75M in Grayscale ETH Trust. Rothschild, with its initial participation, is one of the institutional asset managers using Grayscale.

The sharp decrease in the gas price rates on the network has allowed operators to take advantage of the bull market. New all-time highs in active ETH addresses have been created.

PancakeSwap has increased its popularity in the last few weeks. Due to low gas rates, the Binance Smart Chain (BSC) exchange has increased its growth. PancakeSwap ranks as the third-best DEX.

After a major drop, BTC is close to $53k

BTC has lost its appeal in the market as Binance Coin and Ether have got more attention recently. Analysts continue to talk about altcoins as BTC tries to recover and increase to the highs of $64k that it attained weeks ago.

This Thursday, the price of BTC fell to $52,622 and there has been a change of $3000 in the last hours. Currently, the protagonists are the alternative cryptocurrencies. This has led to BTC losing its momentus in recent weeks.

The altcoins and Ether will maintain the leading role in the following stages and It is expected that Ether breaks to a new all-time high. Analysts forecast its price to hit $3000.

Binance Coin has a popular share of active markets

Binance Coin has had one of the most significant gains this season. BNB now has a considerable stake in the digital asset markets. This currency is used to assist trading fees on the Binance platform. Binance Coin in the first quarter of 2021 has gained more than 550%

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