Ethereum’s Surge Suggests Possible Shift in Crypto Market Dynamics Amidst Bitcoin’s Stalling Dominance
Main Idea
The crypto market in July saw a shift with altcoins surging and Bitcoin dominance dropping to 60.6%, driven by increased investments in Ethereum and other altcoins.
Key Points
1. Bitcoin dominance dropped to 60.6%, a decrease of 5.2%, while altcoin dominance rose by 10% to 39.2%.
2. Ethereum led the altcoin surge with substantial inflows into its ETFs, contributing to the shift in market dynamics.
3. The total market cap excluding Bitcoin and Ethereum (TOTAL3) declined from $1.07 trillion to $980 billion, indicating exchange-side pressure on altcoins.
4. Altcoin deposits to exchanges, particularly Binance, spiked, reflecting increased trading activity.
5. Several altcoins like $YALA, $CARV, and $FLOKI were listed on major platforms, signaling growing market interest.
Description
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