The number one cryptocurrency, Bitcoin has continued to relegate in rank among cryptocurrencies as its dominance has dropped to a 35-month low while it continues to attempt breaking the $50,000 level.

While Bitcoin struggles trying to get above $50,000 altcoins have marked substantial gains further strengthening their position in the market and closing in on BTC as the number one cryptocurrency.

BTC’s dominance has fallen to its lowest level since June 2018.

-Advertisement-

Bitcoin dominance now below 40%

At the time of writing, the metric that compares Bitcoin dominance to other altcoins has dropped to 39.1%. The last time BTC had this low dominance over altcoins was in June 2018.

The number one crypto although its market cap has been dropping in the past months, Elon Musk’s recent tweet that Tesla would halt BTC payment pushed the coin back further and has now left it struggling.

Bitcoin price chart since Elon Musk announced Tesla would halt receiving BTC payment. PhotoCredit: CoinGecko

BTC market cap dropped significantly after Musk’s tweet below $900 billion as its dominance fades away.

The number one crypto coin traded above $58,000, but Musk’s words brought enhanced volatility that pushed it down by roughly $12,000 in a day. After reaching a two-month low at $46,700, BTC attempted a quick recovery, which took it only to about $51,000. It is back below $50,000 where it trades at press time

ADA, XRP lead altcoins charge amidst mixed altcoins market

The entire crypto market is in a mixture or green and red with coins struggling heavily to surge recently.

Ethereum, which saw its latest all-time high on May 12th, has failed to bounce off decisively. Consequently, ETH has lost another 4% of value since yesterday and is down below $3,900.

Binance Coin (-1%) trades beneath $590, Dogecoin is at $0.53, Polkadot (-2.5%) sits at $46, Bitcoin Cash (-2%) is close to breaking below $1,200, and Litecoin (-2%) is at $315.

Crypto market overview in the past 24 hours. Photo Credit: QuantifyCrypto

XRP, however, has spiked by 15% and has neared $1.6. Cardano is also well in the green after a 14% increase on a 24-hour scale.

ADA has hit the gas doubling on its recent bull run to paint a new All-Time High price at $2.4. Its market cap surpassed that of DOGE, making it the fourth-largest crypto.

Low and mid-cap altcoins also experiencing high market volatility and largely all plunging at press time. Revain (-15%), Telcoin (-12%), Shiba Inu (-12%), Curve DAO Token (-12%), NEAR Protocol (-11%), Reserve Rights (-10%) are among the most substantial losers.

The market capitalization of the entire cryptocurrency market is down by roughly $100 billion since yesterday to $2.250 trillion.