Bitcoin’s market dominance has been declining in recent months as the rest of the cryptos gain traction.
Bitcoin dominance in freefall?
The price of the leading crypto has fallen heavily, even below $ 50,000. However, that may not be the most relevant now. Especially since Bitcoin has lost dominance within the crypto market.
And, believe it or not, it is a trend that has persisted throughout the year. Specifically, Bitcoin’s dominance has fallen from 69% at the beginning of the year to its current value of 51%, its lowest value since April 2019.
And interestingly, reviewing historical behavior, whenever Bitcoin misses the 50% mark, altcoins move quickly to take over, often led by Ethereum.
Without a doubt, the rise of decentralized finance (DeFi) has been a key factor in the loss of dominance by the crypto leader.
Canada approves all Ethereum crypto ETFs
Toronto-based 3iQ Corp, in partnership with CoinShares, today announced the launch of an Ethereum ETF on the Toronto Stock Exchange (TSX).
This is how it becomes the fourth Ethereum ETF to launch this week in Canada. In this way, the crypto country now owns eight cryptocurrency ETFs. And, as we well know, it is the latest country in North America to approve this type of crypto product.
Elon Musk Believes Crypto Leader Incentives For Renewable Energy
A few days ago a report written by “The Bitcoin Clean Energy Initiative”, or BCEI, was published, which ensures that Bitcoin mining encourages the generation of electricity “from renewable carbon-free sources.”
In this sense, the document has received the support of great personalities within the crypto market such as Jack Dorsey, Elon Musk and Cathie Wood from Ark Invest.
If Tesla accepts BCH, he will buy 111 cars
A Bitcoin Cash (BCH) YouTuber assured that he would buy 111 Tesla Model 3 only if the company starts accepting crypto.
“You will enjoy an incredible amount of support from people who really want to spend Bitcoin Cash, not people who just want to HODL the BTC”, assured the Youtuber.
As for whether it has the ability to pay for 111 Teslas, that is a still unanswered question. In fact, he clarified that he purposely did not want to reveal his other wallets for security reasons.
In a few lines …
- The Louisiana government recently released a resolution outlining some of the crypto leader’s achievements.
- The Office of the Comptroller of the Currency (OCC), which oversees U.S. banks, has awarded a federal banking statute to Paxos.
- State nuclear power company Rosatom will now provide surplus energy to Bitcoin mining farms in the Russian Federation.
- Gate.io user finds over $ 1 million in forgotten crypto wallet.