Altcoins have risen to a three-year dominance high after tagging a record combined capitalization of nearly $1.5 trillion last week.
While cryptoprimacy.com/news/elon-musk-hints-tesla-may-offload-btc-goes-to-war-with-crypto-twitter” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/elon-musk-hints-tesla-may-offload-btc-goes-to-war-with-crypto-twitter/amp”>Bitcoin tumbles in response to Elon Musk’s Twitter account yet again, altcoin dominance has surged to its highest level in roughly three years.
As of this writing, Bitcoin (cryptoprimacy.com/bitcoin-price”>BTC) represents 40.3% of the combined crypto asset capitalization — the lowest it has been since June 2018, according to CoinMarketCap.
Bitcoin hit a market dominance low of 33% in January 2018 when it was cooling from its previous peak, while the altcoins were just hitting theirs. It is currently not far off its second-lowest level of 36% of three years ago in May 2018.
The combined capitalization of altcoins is currently sitting at $1.25 trillion after establishing all-time highs of almost $1.5 trillion last week.
Ether (cryptoprimacy.com/ethereum-price”>ETH) has recently seen its dominance surge, with Ether’s capitalization creeping up to roughly half of Bitcoin’s to represent a crypto market dominance over 19%. Ether also represents 32% of the combined altcoin market cap.
Binance Coin (cryptoprimacy.com/binance-coin-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/binance-coin-price-index/amp”>BNB) ranks third, representing 4% of total crypto capitalization, followed by Cardano (cryptoprimacy.com/ada-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/ada-price-index/amp”>ADA) with 3.3% and Dogecoin (cryptoprimacy.com/doge-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/doge-price-index/amp”>DOGE) with 3%. By contrast, Binance Coin exerts a 6.7% dominance over the altcoins markets, with Cardano’s dominance coming in at 5.5% and Dogecoin representing 5%.
Elon Musk may have deepened Bitcoin’s loss of dominance by hinting that cryptoprimacy.com/news/elon-musk-hints-tesla-may-offload-btc-goes-to-war-with-crypto-twitter” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/elon-musk-hints-tesla-may-offload-btc-goes-to-war-with-crypto-twitter/amp”>Tesla may be offloading its BTC holdings in a tweet on Monday, triggering a 15% crash over 18 hours.
While Bitcoin is now down 35% from its April 14 all-time high, several altcoins have seen weaker pullbacks, with Ether currently down 24% from its Wednesday peak of $4,350.
Some markets are rallying in spite of the bearish meta-trend, with Cardano rallying to tag all-time highs of $2.45 on Sunday.