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Bitcoin, the biggest cryptocurrency by market capitalisation, has seen several setbacks since its birth. Consider this: back in 2013, BTC had a 94 percent domination rate. At the time of writing, the BTC.D rate was 43.06 percent.
The topic of altcoins is brought up next. Over the last several years, most alts have seen a huge increase in dominance. Altcoins have seen a roller coaster ride, from accounting for around 6% of the whole market to now accounting for more than 50%.
Even while the market is consolidating, certain alts are recovering at a quicker rate. Ethereum and Cardano are two cryptocurrencies that have performed nicely in the last week.
The same point was made in a recent tweet by crypto expert Michael van de Poppe, who expressed nothing but optimism.
I’m expecting them to accelerate even more the moment that #Bitcoin finishes this entire downtrend.
— Michaël van de Poppe (@CryptoMichNL) June 5, 2021
Recently, the fifth-largest currency has appeared often on most crypto experts’ to-buy lists. Thank you for all of the recent and promising developments surrounding Cardano and its native cryptocurrency.
It was trading slightly under the $1.70 price level at the time of writing, with a price correction of around 2.5 percent in the previous 24 hours.
The analyst said:
“Cardano is still fine here and eager for continuation towards new highs, as the critical levels are holding up for support.”
Next up, Ethereum
According to Poppe, the 2nd largest cryptocurrency positioned itself in a way to break its immediate resistance at $2700 and possibly surge higher. He added:
“Ethereum looks better than Bitcoin at this stage as it’s holding up support here. In the meantime, the BTC pair crawls to the highs. Therefore, if resistance breaks on ETH at the $2,700 area, I’m expecting $3,400 next.”
On-chain metric-driven platform, Santiment tweeted:
📈📊 #Ethereum‘s address activity is growing again, & the amount of active deposits that were prevalent during the major panic selloff last week has died down. The crowd sentiment is bearish, which is a good sign for the bulls. Read our full $ETH analysis! https://t.co/wL3kDXk145 pic.twitter.com/7fMAkbwR2r
— Santiment (@santimentfeed) June 2, 2021
At the press time, ETH was trading at the $2,675 mark with a price correction of about 3.5% in the past 24 hours as per CoinMarketCap.