Bitcoin Continues To Lose Grip Over The Crypto Market Despite Surging To Record Highs

Bitcoin’s (BTC) market dominance continues to fall even as the apex cryptocurrency hit an all-time high of $63,742.28 on Monday.

What Happened: At press time, BTC had a market capitalization dominance of 53.8%, which is lower than last week when the coin enjoyed market domination of 55.6%.

A Graph Indicating Dominance Of Various Cryptocurrencies, Courtesy CoinMarketCap

The second virtual currency in terms of market domination remains Ethereum (ETH) at 12.03%.

In terms of price, BTC traded 4.71% higher at $63,201.13 at press time while ETH traded 6.02% at $2,288.04 at press time.

The loss of dominance signifies the heralding of the so-called “altcoin season,” according to an analyst.

Michaël van de Poppe predicted a “very bullish” summer for alt-coins. Previously in January, he forecast a $10,000 price for ETH.

See also: Is Bitcoin a Good Investment?

Why It Matters: BTC has risen 9.56% on a seven-day trailing basis, however, several cryptocurrencies have outshined those gains.

Dogecoin (DOGE), the frequent subject of Tesla Inc (NASDAQ: TSLA) Elon Musk’s tweets, gained 71.01% for the week. DOGE traded 52.07% higher at $0.11, which is an all-time high.

XRP (XRP) is up 68.98% for the week and traded 25.14% higher on a 24-hour basis at $1.79. 

See Also: Why Is XRP (Ripple) Hitting Record Highs Despite SEC Threat?

Other notable weekly gainers include  KuCoin Token (KCS), Binance Coin (BNB), PancakeSwap (CAKE), and Bitcoin Gold (BTG) all up by 49.27%, 38.91%, 37.78, and 36.42% respectively.