Dominance Debrief: 11/02 – 11/08
In a bullish week for crypto, BTC ($68.5K) and ETH ($4.8K) both hit all-time highs on Monday night. Across the board, altcoins are continuing to rally, including Solana, which gained an all-time high of $260 and flipped Tether as the fourth-largest cryptocurrency by market cap. These dramatic rises caused a drop in USDT dominance as the overall crypto market cap exceeded $3 trillion.
Part of this stunning growth is being pushed by institutions, with an increasing number of ETF-style investments becoming available, including some that allow direct exposure to cryptocurrencies. Last week, the Chicago Mercantile Exchange announced its upcoming micro ether futures, opening the door for the smaller, retail market to gain exposure to crypto.
“What we’re seeing is traditional finance chasing the innovation happening in the cryptocurrency industry,” said Michal Cymbalisty, co-founder of Domination Finance. “As players like CME continue to enter the space, crypto will be further legitimized in the larger global financial markets.”