Bitcoin’s dominance is falling and currently stands at 54.4%. Altcoins, on the other hand, are seeing an increase in dominance leading to an upswing. Among altcoins, XTZ, LINK, DOGE and BAL experienced gains.
According to the table above, Binance coin, Cardano, Polkadot, XRP, Litecoin and Uniswap have a significant dominance compared to other top altcoins. However, altcoins like the XTZ that haven’t yet offered triple-digit returns are rising at this point in the price rally. Tezos ‘local NFT platform launched a World Art Day fundraising event on April 16, and Tezos’ trade volume has increased by over 83% in the past 24 hours. The event that triggered this trade increase is the fundraising activity on the NFT platform and the launch of Tenderbake’s test network.
According to Tezos’s price table, the short-term return on investment for Tezos is high. The price increased from $ 2.4 to $ 7.2 in 3 months. Although there are altcoins with high short-term return on investment, Tezos is growing steadily. Additionally, the market cap has increased by 5% and HODLers accumulating XTZ may currently be making a profit, but selling pressure had no effect on Tezos’ price.
Chainlink and Dogecoin
In the case of LINK and DOGE, the price rally appears to be extended. When the altcoins first started to recover, the bullish started and the rally continued with several corrections. Traders were bullish on the exchanges for these two altcoins, and LINK’s extended price rally led to higher ROI for short-term HODLers and traders as HODLers stood against selling pressure.
Although Balancer is not among the top 100 altcoins, more than 80% BAL HODLers have held the token for less than 12 months and yet almost all HODLers are profitable. With the declining Bitcoin dominance, these altcoins are expected to continue their rally in the long run. However, this does not exempt them from price corrections and as BTC took a hit the other day, many of these altcoins have also lost value in the past 24 hours.