The cryptocurrency marketplace provides traders with another day of’altseason’ because the vast majority of altcoins in the top 100 on CoinMarketCap rallied today.
Several large-cap tokens reached multi-year highs and this took place as Bitcoin (BTC) cost struggles to hold any of their news-event-driven gains that it has accrued through the week.
Among the most notable performances has been set on by Ethereum Classic (ETC), the”unaltered” Ethereum (ETH) fork that’s been gaining traction over the past week because its devotion to a proof-of-work consensus mechanism attracts the eye of miners and retail’Robinhood’ investors.
Data from Cointelegraph Markets and TradingView demonstrates that after hitting a low at $86.12 from the early trading hours on Thursday, the price of ETC jumped 81 percent to reach a new all-time high at $179.83 as the 24-hour trading volume spiked to a record $39.1 billion.
Several large-cap cryptocurrencies have seen significant gains recently including, Litecoin (LTC) which struck a one-year high compared to BTC, along with a 68% rally in BTC Cash (BCH) which spiked above $1,500 for the first time since May of 2018.
Layer 1 alternatives soar as trading volumes increase
Ether also struck a new all-time high at $3,605 as excitement continues to build in front of the London hard fork along with the execution of EIP-1559, which can be predicted to take place in July.
Major #Ethereum gas charge overhaul #EIP-1559 scheduled for July, from the #London network update https://t.co/mQrxvSt7aa through @cointelegraph
— Attestant ⟠ (@AttestantIO) March 8, 2021
Cardano’s ADA token is another top 10 project that saw its cost reach a brand new all-time high at $1.69 and Tezos (XTZ) rallied 23% following the start of the trading day to achieve a new record high at $8.05.
Several of those’Ethereum Killers’ that emerged from this 2017-2018 bull market saw double-digit gains including EOS, whose cost rallied 50% intraday into a peak of $12.57, and Neo (NEO), which spiked to a high above $128 before a general market pullback resulted in a dip in the vast majority of prices.
BTC dominance drops to new lows
The constant potency shown from altcoins has resulted in a steady decline in BTC dominance over the past month, which fell to a low of 45.25percent on May 6. According to analysts, this is yet another sign that an altcoin season is in full effect.
While institutions appear to heavily favor BTC and to a lesser degree Ether, retail dealers have been drawn to lower-priced tokens that offer the possibility of bigger gains, as evidenced by the current cost burst in Dogecoin (DOGE).
If this trend continues, it is very likely that BTC’s dominance rate could continue to slide lower as new capital coming into the cryptocurrency ecosystem throughout stablecoins are more widely dispersed.
The overall cryptocurrency market cap now stands at $2.346 trillion and BTC’s dominance speed is 45.5%.
The perspectives and opinions expressed here are only those of the writer and do not always reflect the views of Cointelegraph.com. Every investment and trading proceed entails risk, you need to conduct your own research after making a decision.
EOS, LTC, ETC and ETH are just a few of those altcoins that chased following new multi-year highs because layer-1 projects saw an increase in trading volume.