During Asian trading on July 14, Bitcoin dominance, which indicates the proportion of the total cryptocurrency market cap represented by Bitcoin, dropped to 49.76%, as reported by Tradingview.
This decline comes after Bitcoin market dominance had recently surpassed 50% following a two-year period without reaching that milestone. The increase in market dominance was fueled by the submission of numerous applications for spot Bitcoin ETFs by significant financial institutions. For the past 24 days, Bitcoin dominance had remained relatively stable, fluctuating between 51% and 52%.
Following Ripple’s recent legal victory, the XRP token experienced a significant surge, with an 83% increase, reaching a peak of $0.866 during intraday trading. This surge propelled XRP to briefly hold the position of the fourth-largest cryptocurrency by market capitalization. However, it currently holds the fifth position after encountering competition from Binance Coin (BNB).
The recent dip in Bitcoin dominance comes as the crypto community is chanting the return of “altcoin season.”
However, it remains to be seen if this altcoin rally is sustainable as the longer-term view still shows that crypto markets are range-bound.