Bitcoin continues to crush altcoins as market dominance reached its highest level since mid-2017. Bitcoin, the largest cryptocurrency by market cap, expanded its record-breaking rally, reaching $ 34,800 on the Bitstamp exchange.
Bitcoin touched the $ 30,000 level yesterday before continuing to break other milestones within minutes.
Altcoin season is not yet
Bitcoin’s dominance has now reached 73.31 percent, according to TradingView data. This is its highest level since July 2017, when the leading cryptocurrency traded at just $ 2,400.
While alternative cryptocurrencies surpassed Bitcoin in the first quarter of previous years, this does not seem to be the case in 2021. Litecoin is currently the best performing cryptocurrency in the past 24 hours. High correlation with Bitcoin comes in second place with a 12 percent increase.
While Ethereum struggled to catch up with Bitcoin’s massive rally, the ETH / BTC coin has dropped almost eight percent since the beginning of the year.