Dominance Debrief: 10/26 – 11/01
After recent all-time highs following the launch of the first-ever bitcoin exchange-traded fund, this week saw an expected pullback from BTC as money poured into altcoins, with Ethereum reaching an ATH above $4400 and the Shiba Inu coin breaking into the top ten coins by market cap. This continues the historical trend of capital moving into altcoins following BTC all-time highs, resulting in a decrease of bitcoin’s market dominance and an increase in ethereum dominance.
Despite bitcoin’s strong performance, it’s not the only cryptocurrency with recent price movements indicative of a Overall, mainstream attention has been ramping up regarding digital assets. On Monday, NFL star Aaron Rodgers announced his support for crypto, tweeting that he was teaming up with Cash App to receive a portion of his salary in bitcoin and that he would be giving away a total of $1 million in bitcoin to his fans. Further, with Academy Award-winning actor Matt Damon recently becoming the face of an ad campaign for crypto.com, the gap between crypto-native and mainstream audiences is gradually lessening.
“Given the strong performance and recent ATHs of both bitcoin and altcoins alike, it’s no surprise that the markets are attracting mainstream attention,” said Adrian Kolody, co-founder of Domination Finance. “As crypto markets continue to grow and gain celebrity endorsements, we expect to see crypto newcomers at both the retail and institutional levels.”