Bitcoin price stabilises as altcoins take the lead – and that’s a good thing
Despite its recent cooldown, BTC is still exhibiting bi-weekly gains of over 8%
- For a brief period of time on May 4, the total volume on Ether futures flipped that of Bitcoin's.
- BTC has been exhibiting an increasing amount of stability in recent weeks
- Bitcoin's dominance ratio currently stands at just 43%
Over the course of the last seven days, Bitcoin has continued to hover between a price range of AU $69,000-$74,500, thereby exhibiting an increasing amount of monetary stability. At press time, the flagship crypto is trading at AU $71,700, showcasing a profit ratio of around 5%.
Providing his thoughts on Bitcoin as well as the industry as a whole, Adrian Przelozny, CEO and co-founder of cryptocurrency exchange Independent Reserve, suggested that Bitcoin is the "people's money" and that any discussion pertaining to crypto — be it BTC, ETH, or altcoins in general — is good for the ecosystem as a whole, adding:
"It's great to see cryptocurrencies being discussed in popular forums. Musk has helped raise mainstream awareness for crypto and his advocacy will be an onramp for many people who are new to the space. His company, Tesla, has also done a lot to normalise institutional adoption of crypto."
It is worth bearing in mind that earlier this year, Tesla added a cool AU $1.93 billion worth of bitcoin to its balance sheets, even allowing customers to make payments using crypto. Not only that, other major players such as Square, Michael Saylor led Microstrategy and even Wall Street investors like Stanley Druckenmiller have also bought substantial sums of BTC in recent months.
Is Bitcoin's market clout diminishing?
As per data available online, the total volume on Ether futures open interest recently exceeded that of Bitcoin's after hitting a new record at US $10 billion, albeit briefly. In this regard, over the course of the last 30 days, it bears mentioning that Ether's price has largely decoupled from BTC, posting independent gains of over 65%.
Not only that, as highlighted by Finder earlier, BTC's market dominance index — which calculates Bitcoin's market share among proof of work coins — has also continued to slide since the start of 2021. For example, in January, BTC's dominance stood at 70%, however, at press time, this value is currently hovering at 43%.
Disclosure: The author owns a range of cryptocurrencies at the time of writing