Has the Bitcoin (BTC) lost the interest of investors? Currently the most important virtual currency in the market gives ground to its rivals.
May 11, 2021, | AtoZ Markets – The dip in Bitcoin Market Dominance was reflected today by losing 50% of the strength in the cryptocurrency market. BTC market dominance reaches the lowest level since July 2018 and currently has a market dominance of 42.8%.
The cryptocurrency loved by investors is currently facing a massive challenge versus the Ethereum and other new digital currencies.
Total market dominance for Bitcoin has reached its lowest level since July 2018, amid a huge jump in market appetite for Ethereum (ETH), Binance Coin (BNB), and Dogecoin (DOGE).
According to the latest data released by Coinmarketcap, the BTC market dominance reached 42.8% on May 11, corresponding to its lowest level in almost 3 years. Although it is still the most valuable cryptocurrency in the world, its dominance of the market plummeted last December by almost 70% and today it has reached only 42.7%.
The Market Capitalization of Bitcoin
Traders Support Other Cryptocurrencies
With the increasing importance and relevance of cryptocurrencies and digital assets in the global economy, cryptocurrency mining has also become popular.
The mining process involves dedicating your computational resources that are used to solve cryptographic equations that facilitate the validation of transactions on the blockchain.
The Ethereum (ETH), the biggest altcoin in popularity and total market capitalization, has been experiencing various types of growth in the last months. Its price skyrocketed, and trading volumes increased.
Binance Coin (BNB) currently has a market cap of more than $ 100 billion, jumped from less than 1% in December 2020 to as high as 4.5% in April 2021.
In addition, Dogecoin (DOGE) is another major cryptocurrency that has gained substantial value over the last 4 months.
In May 2021, DOGE became the 4th most valuable digital currency in the world, and has gained more than 12,000% this year, compared to a jump of 100% in the price of BTC.
One of the best coins you can mine in 2021 is Litecoin. Denoted by LTC, Litecoin is a hard fork of the Bitcoin blockchain, so its mining requirements are pretty much the same. It is one of the most popular cryptocurrencies that depend on the Scrypt PoW protocol.
In conclusion, when we talk about the best cryptocurrency to mine in 2021, we have to take volatility and other market factors into account.
Make sure you are choosing the correct cryptocurrency considering the costs related to mining, electricity, and hardware, and mined tokens should be kept in a cryptocurrency wallet for added security.
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