Bitcoin (BTC) dominance in cryptocurrencies has fallen to its lowest level in 12 months. The leading cryptocurrency accounts for 61% of the combined cryptocurrency capital of $ 359.5 billion.
Bitcoin’s dominance is down by more than 67% from mid-May and down from a local high of 69.9% in September of last year – the strongest moment of BTC dominance since the first quarter of 2017.
Altcoins regain their dominance
Bitcoin’s relatively low dominance is due to the fact that the cryptocurrency’s mass market value is testing massive resistance as it pushes to its highest in 12 months.
With an additional $ 11 billion in value, crypto capitalization combined will reach $ 370 billion for the first time since May 2018.
Altcoin is increasing in circulation on Binance Futures
Despite the five-digit strength of Bitcoin’s rally in July, this month saw a combined cap of $ 140 billion in altcoins for the first time in 24 months.
Binance’s July trading report also shows renewed strength in the alt currency markets: altcoins are growing from around 32% to 40% of Binance futures contract volume.
Binance attributed the Altcoins’ strong performance to the growing popularity of Ethereum-based DeFi (decentralized financing) protocols and Ether (ETH) accumulation in anticipation of ETH sharing.
Ethereum and DeFi run all season
In July, the value of DeFi’s booked assets doubled from $ 2 billion to $ 4 billion.
According to CoinMarketCap, the top 10 DeFi tokens correspond to a market capitalization of around $ 7 billion. The Top 10 DeFi Tokens include all of the top 50 crypto assets.