- Ripple’s XRP and Cardano’s ADA led an altcoin surge, nearly doubling the overall altcoin market cap to $1.55 trillion over the past month.
- This altcoin rally cut Bitcoin’s dominance from 61% to 55% during the same period.
- Large-cap altcoins like XRP, ADA, Solana, and Hedera posted triple-digit gains, driving their valuations to new heights.
In recent developments, Ripple and Cardano have been leading the surge of altcoins as the market capitalization almost doubles to a staggering $1.55 trillion. The dominance of Bitcoin appears to be dwindling as these altcoins take center stage and elevate the market cap.
Altcoins Outperforming Bitcoin
Bitcoin has been the talk of the town during the current bull market, especially following Donald Trump‘s victory in the November elections. However, data demonstrates that altcoins have also been performing exceptionally well during this period, even surpassing the performance of the flagship digital asset. The total market cap of altcoins has nearly doubled over the past month, growing from $872.8 billion to $1.55 trillion, a 75% increase.
Altcoins Rally Affecting Bitcoin’s Dominance
This impressive rally of altcoins has come at the expense of Bitcoin’s market dominance. This measure has seen a 9% drop from a mid-November peak of 61% to its current standing at 55%. This development suggests that investors are shifting their focus from Bitcoin to other promising cryptocurrencies.
Performance of Large-Cap Altcoins
Large-cap altcoins like Ripple’s XRP, Cardano, Solana, and Hedera have driven their valuations to new heights with triple-digit gains. When excluding the top 10 cryptocurrencies and focusing on the remaining assets, the market cap for this segment has also surged. It has grown from $190 billion to $416 billion, reflecting a 110% increase.
Conclusion
The surge in altcoins and the corresponding decrease in Bitcoin’s dominance is a significant development in the cryptocurrency market. It reflects the growing diversification in the market and the increasing interest in alternative digital assets. As this trend continues, it will be interesting to see how the dynamics of the market evolve and which altcoins emerge as the new leaders.
