Altcoins pile up as bulls pile up in large-cap tokens and Layer 1 projects

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The cryptocurrency market offers investors another day of “off-season” as the majority of altcoins in CoinMarketCap’s top 100 bounced back today.

Several large-cap tokens hit multi-year highs, and it all happened when Bitcoin (BTC) price struggled to hold the news event-driven gains it had made over the course of the week.

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One of the most notable accomplishments was made by Ethereum Classic (ETC), the “unchanged” Ethereum fork (ETH), which has gained prominence over the past week as its commitment to a consensus mechanism for evidence of work attracts attention by Robinhood miners and private investors.

ETC / USDT 4 hour chart. Source: TradingView

Data from Cointelegraph Markets and TradingView show that ETC’s price rose 81% from a low of $ 86.12 in early Thursday’s trading hours to hit a new all-time high of $ 179.83 as the 24-hour trading volume took one Record value reached 39.1 billion US dollars.

Several large-cap cryptocurrencies have seen significant gains recently, including Litecoin (LTC), which hit a year-long high compared to BTC, and a 68% rally in Bitcoin Cash (BCH), which exceeded 1,500 for the first time since May 2018 USD rose.

Layer 1 solutions increase with increasing trading volume

Ether also hit a new all-time high at $ 3,605 as tension continues to mount ahead of the London fork and the implementation of EIP-1559, which is expected to happen in July.

Cardano’s ADA token is another top 10 project with the price hitting a new all-time high at $ 1.69 and Tezos (XTZ) gaining 23% after the start of the trading day, up a new one at $ 8.05 To reach record high.

Some of the ‘Ethereum killers’ that emerged from the 2017-2018 bull saw double-digit gains, including EOS, which rose 50% over the course of the day to a high of $ 12.57, and Neo (NEO) which hit a Soaring high of over $ 128 before a general market pullback caused the majority of prices to decline.

Bitcoin dominance is falling to new lows

The steady strength of altcoins has resulted in a steady decline in Bitcoin dominance over the past month, which fell to a low of 45.25% on May 6. According to analysts, this is another sign that an altcoin season is in full swing.

BTC market capitalization dominance 4-hour chart. Source: TradingView

While institutes seem to have a strong preference for Bitcoin and, to a lesser extent, Ether, retailers have been drawn to cheaper tokens that offer the opportunity for bigger profits, as demonstrated by the recent price explosion at Dogecoin (DOGE).

If this trend continues, it is likely that Bitcoin’s dominance rate will continue to decline as new funds entering the cryptocurrency ecosystem via stablecoins become more widespread.

The market cap for cryptocurrencies is now at $ 2.346 trillion, and Bitcoin’s dominance rate is 45.5%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading step is associated with risks. You should do your own research when making a decision.