Fast Take
Latest market information underscores a major shift in cryptocurrency dynamics as Bitcoin’s dominance over altcoins, like Ethereum and BNB, surges ahead. Yesterday marked a notable sell-off in altcoins, encompassing all cryptocurrencies apart from Bitcoin. This sell-off has led to Binance Coin (BNB) and Ethereum (ETH) reaching new lows towards Bitcoin this cycle.
When evaluated when it comes to USD, Binance Coin hit $208 for the third time. The Ethereum to Bitcoin ratio plunged to an all-time low of $0.057. Curiously, Ethereum’s USD-denominated worth prevented hitting a brand new low, holding regular above its earlier low of $1,544 in September.
In the meantime, Bitcoin has been steadily amplifying its market cap dominance, now accounting for greater than 51%, and appears to be approaching a brand new cycle excessive. This shift signifies a doable investor desire in direction of Bitcoin, the world’s largest and most established cryptocurrency, over its smaller counterparts like Ethereum and Binance Coin.
The put up Bitcoin regains market dominance whereas Ethereum and BNB hit new cycle lows appeared first on CryptoSlate.
