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Bitcoin dominance declines as Binance Coin and ETH hit new all-time highs

TL;DR Breakdown

  • Binance Coin has recorded a new all-time high.
  • Bitcoin has continued to lose momentum in recent weeks.

Binance Coin and Ethereum have reached all-time highs in recent hours while Bitcoin has been declining. This week was strong for Ethereum as the coin rallied on Saturday to a price of $2880 on popular exchange Binance. Ethereum hit an all-time high and has had six days of continuous bullish purchasing.

Also, Binance Coin recorded a new all-time high for the first time in three weeks. On Saturday, Binance Coin hit $645 after a continuous successful week.

Both currencies have reached new highs in recent weeks as Bitcoin has decreased its dominance. During the past month, Bitcoin has fallen in the market and its dominance is now around 49.86% compared to the 60.61% it reached a month ago.

Ethereum is expected to keep rising in the market and to hit $3000. Ethereum recently completed the Berlin fork and will have its next update in July.

Expectations high with ETH growth

Investment firms have been interested in Ethereum. Rothschild Investments recently bought $4.75M in Grayscale Ethereum Trust. Rothschild, with its initial participation, is one of the institutional asset managers using Grayscale.

The sharp decrease in the gas price rates on the network has allowed operators to take advantage of the bull market. New all-time highs in active Ethereum addresses have been created.

PancakeSwap has increased its popularity in the last few weeks. Due to low gas rates, the Binance Smart Chain (BSC) exchange has increased its growth. PancakeSwap ranks as the third-best DEX.

After a major drop, Bitcoin is close to $53k

Bitcoin has lost its appeal in the market as Binance Coin and Ether have got more attention recently. Analysts continue to talk about altcoins as Bitcoin tries to recover and increase to the highs of $64k that it attained weeks ago.

This Thursday, the price of Bitcoin fell to $52,622 and there has been a change of $3000 in the last hours. Currently, the protagonists are the alternative cryptocurrencies. This has led to Bitcoin losing its momentus in recent weeks.

The altcoins and Ether will maintain the leading role in the following stages and It is expected that Ether breaks to a new all-time high. Analysts forecast its price to hit $3000.

Binance Coin has a popular share of active markets

Binance Coin has had one of the most significant gains this season. BNB now has a considerable stake in the digital asset markets. This currency is used to assist trading fees on the Binance platform. Binance Coin in the first quarter of 2021 has gained more than 550%

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