Bitcoin Dominance Index Drops Below 55%, Altcoins Continue Bullish Run

By May 7, 2017 Bitcoin Business
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Bitcoin Dominance Index Drops Below 55%, Altcoins Continue Bullish Run

There are some very unusual trends manifesting themselves in the world of cryptocurrency right now. XRP, the native token of the Ripple blockchain ecosystem, has soared to a new all-time high. In fact, it is one of the strongest value increases in all of cryptocurrency over the past 24 hours. Dogecoin is on a good run as well, yet Stellar and Bytecoin are on a very different level right now.

The Swan Song of Bitcoin’s Market Dominance

It appears the cryptocurrency market cap growth is far from over so far. Another US$2.5bn has poured into cryptocurrency over the past two days. Interestingly enough, nearly all of this money has been put into altcoins, yielding some unexpected returns so far. Bytecoin has been a near 150% increase, despite “only” having US$6.75m of 24-hour trading volume. Still, quite an impressive number of a currency very few people seem to take notice of.

The biggest surprise is Stellar, a cryptocurrency person often tend to forget. They will no longer do so now, though, as XLM has seen a 71.61% gain with US$127.17m worth of trading volume. It is a mystery as to why this particular coin has seen its value spike all of a sudden, though. A Lumen represents a unit of digital currency, and the token is the native currency of the Stellar network.

A lot of people are keeping their eye on XRP, though. The native token of the Ripple network has seen tremendous growth over the past few weeks. As a result, the value per XRP has spiked to US$0.13. Moreover, the token also generated over US$150m in trading volume nearly every single day. A lot of recent partnerships helped propel the XRP value to new heights, by the look of things.

While all of these altcoins are gaining value, Bitcoin is still holding its own around the U$1, 535 mark. However, the Bitcoin Dominance Index has dropped to 54.1%. It is evident tokens are the new frontier for investments right now, even though one has to buy bitcoin to gain access to most of these other currencies. This could explain the sudden demand for Bitcoin, as a lot of investors are buying it so they can invest in altcoins, by the look of things.

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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