Bitcoin Dominance Falls to 49.26% as Ethereum (ETH) Hits $1,960 and Pepe (PEPE) Soars 17.94%
Bitcoin’s dominance currently stands at 49.26%, showing a 0.31% decline within a 24-hour period. This news has caused concern among Bitcoin enthusiasts, as the cryptocurrency has been experiencing a downward trend in recent days. However, in a fascinating turn of events, the altcoin market is experiencing a surge. Even some lesser-known altcoins with smaller market capitalization have seen significant growth on the current day.
The list of altcoins experiencing a surge includes popular cryptocurrencies like Ethereum, Polygon, Pepe, and Filecoin. These digital assets have seen notable increases in their value and market activity.
Ethereum (ETH)
Ethereum, often referred to as the silver coin, has witnessed a 2.28% increase in price today, reaching a significant milestone of $1,960. This is noteworthy considering the bearish trend it has experienced throughout the month. Over the past month, Ethereum’s price has only surged by 2.94%. Looking at the weekly perspective, it has shown a 4.32% increase, albeit struggling to recover from the bearish market conditions.
Today, the price of Ethereum reached a high of $1,895 and a low of $1,973. The decline in the Bitcoin market has played a role in fueling the rise of Ethereum’s price. Currently, Ethereum is displaying positive signs, leading people to anticipate its continued upward movement towards the resistance level of $2,000.
ETH 7D Price Chart, Source: CoinMarketCap
Polygon (MATIC)
Polygon, a well-known altcoin, has experienced a downward trend over the past month, approaching an all-time low. However, there have been positive signs of recovery this week. MATIC, the native token of Polygon, saw a 4.27% price increase during the week and a 3.27% surge on the present day, reaching a current price of $0.6888.
Exciting developments such as Polygon 2.0 and the growing altcoin season indicate that Polygon is likely to transform its previously negative month into a positive one, marked by a rise in value.
MATIC 7D Price Chart, Source: CoinMarketCap
Pepe (PEPE)
Pepe, a well-known memecoin, has gained tremendous popularity in the meme world. However, it also faced a bearish period in the past month. Nevertheless, in the previous week, it witnessed a remarkable price surge of 17.33%.
This positive momentum continued as Pepe experienced a surge of 17.94% on the present day, reaching an all-time high price of $0.000001812. The current value marks the highest point for the frog coin in this month. Market analysts are speculating that this upward movement might even trigger a rally among other memecoins.
PEPE 7D Price Chart, Source: CoinMarketCap
Filecoin (FIL)
Filecoin, a popular altcoin with a high market cap, has experienced a downtrend for more than a month, reaching its lowest price point this month. However, the community was thrilled to witness a surge today, with a remarkable increase of nearly 15.93%. The current price stands at $4.70.
This surge is seen as a significant win, especially considering the prolonged period of bearish market conditions that Filecoin had been enduring.
FIL 7D Price Chart, Source: CoinMarketCap
The Graph (GRT) experienced an impressive surge of over 23.44% within a span of 24 hours, indicating a significant increase in its value. Similarly, BitDAO (BIT) also witnessed a surge of 14.11% during the same timeframe. These price jumps have caught the attention of investors and have sparked excitement in the market.
The altcoin market is experiencing a period of growth, with notable surges in Ethereum, Polygon, Pepe, and Filecoin. At the same time, Bitcoin’s dominance in the market is decreasing. This shift indicates a potential change and opens up new opportunities for investors interested in cryptocurrencies.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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