Bitcoin reached its ATH of $61K last month and has been trying to get back on track ever since. The slow but steady progress of the flagship digital asset is paving the way to becoming a stable and less volatile asset class commodity. Big institutional investors like VISA, Grayscale, JP Morgan, and Goldman Sachs are taking an interest in BTC and have already started to add it into their investment funds and balance sheets.
The biggest reason for the prevalence of Bitcoin has been its dominant position in the media and frequent mentions on different financial forums. However, the flagship currency has started to attract rivals from all directions. Seven new altcoins have been identified that have left behind BTC in terms of popularity and proportion of appraisal.
BTC is Getting Upstaged by the New Faces on the Horizon
The month of April is likely to be favourable for BTC, and it may even achieve a new ATH in the ongoing month. However, the leading coin’s market dominance has declined from 70% to 58.76% in the current year. Market dominance evaluation gauges the impact of single market capitalization against the stack of aggregate market cap volume.
Several altcoins have managed to take a bite out of the BTC spotlight. The closest rival of BTC, Ethereum, has been making news for making a jump from PoW to PoS. It has already reached an ATH of $2,000 this month and is expected to keep on the trail. Polkadot has seen a 20% appraisal as Kraken CEO Jesse Powell rightfully noted that it is offering lower transaction fees than Ethereum.
Altcoins are Making some Noise and Strengthening the $1 trillion Crypto Exchange Trade Volume
The en masse crypto exchange volumes managed to keep hitting the $1 trillion gold mark for the second consecutive month in March. The news is not surprising as many promising altcoins like Uniswap, XRP, Chainlink, and BitTorrent have managed to see monumental growth.
Meanwhile, Cardano, ADA, has also managed to secure a position in the top 10 after it fell from the 3rd highest-ranking digital asset. Recently, IOHK founder, Charles Hoskinson, announced a partnership with Orion protocol, which would increase the liquidity for the Cardano blockchain. Bitcoin is a singular digital asset that has managed to pave the way for the emergence of a crypto-based economy of tomorrow.