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EOS, LTC, ETC, and ETH are only a handful of the altcoins that have set new multi-year peaks as trading activity on layer-1 ventures has increased.
As the bulk of altcoins in the top 100 on CoinMarketCap surged today, the cryptocurrency market provides investors with another day of ‘altseason.’
Several large-cap tokens hit multi-year highs, even as Bitcoin (BTC) fails to retain any of the news-event-driven gains it has accrued this week.
Ethereum Classic (ETC), the “unaltered” Ethereum (ETH) fork that has been gaining momentum over the past week as its adherence to a proof-of-work consensus system draws the interest of miners and retail ‘Robinhood’ investors, has put on one of the most notable shows.
Data from TradingView shows that after hitting a low at $86.12 in the early trading hours on Thursday, the price of ETC jumped 81% to reach a new all-time high at $179.83 as the 24-hour trading volume spiked to a record $39.1 billion.
Several large-cap cryptocurrencies have recently seen substantial advances, including Litecoin (LTC), which has reached a one-year peak in comparison to BTC, and a 68 percent surge in Bitcoin Cash (BCH), which has risen over $1,500 for the first time since May of 2018.
Layer 1 solutions soar as trading volumes increase
Ether has reached a new all-time high of $3,605 as anticipation grows for the London hard fork and the introduction of EIP-1559, which is set to take place in July.
— Attestant ⟠ (@AttestantIO) March 8, 2021
Cardano’s ADA token is another top 10 project that saw its price hit a new all-time high of $1.69, while Tezos (XTZ) surged 23 percent after the start of the trading day to a new all-time high of $8.05.
Several of the ‘Ethereum Killers’ that emerged from the 2017-2018 bull market saw double-digit gains, including EOS, which rallied 50% intraday to a height of $12.57, and Neo (NEO), which soared to a record above $128 until a general market pullback caused a drop in the majority of stocks.
Bitcoin dominance drops to new lows
The consistent power of altcoins has resulted in a gradual decline in Bitcoin domination over the last month, which fell to a low of 45.25 percent on May 6. Analysts believe this is yet another indication that the altcoin season is in full swing.
Though banks continue to favour Bitcoin and, to a lesser extent, Ether, retail traders have been attracted to lower-priced tokens that provide the potential of greater returns, as shown by Dogecoin’s recent price explosion (DOGE).
If this pattern persists, Bitcoin’s supremacy rate is likely to fall further as new funds entering the cryptocurrency environment via stablecoins become more broadly spread.
The total cryptocurrency market cap is currently $2.346 trillion, with Bitcoin dominating at 45.5 percent.