After an extraordinary bull run, the price of Bitcoin started to drop slightly last week. As of this writing, BTC has dropped nearly 12% against the dollar in the past seven days.
So what is happening to the altcoin market? Altcoin prices are inevitably affected by Bitcoin’s price, but interestingly, they don’t seem to follow BTC in the most recent drop.
Using Messari’s price data, we looked at 69 tokens with a daily reported trading volume of at least $ 100 million.
Only 33% of these saw their prices drop against the dollar. The remaining 66% saw their prices soar over the past week.
Among the tokens that saw their prices drop, Bitcoin suffered one of the most dramatic drops. Only five tokens – wrapped BTC, Dash, Bitcoin SC, Zcash, and Maker – fell further in prices.
In other words, 92% of Crypto tokens have outperformed Bitcoin in the past seven days.
Ethereum gained 22% against Bitcoin last week.