Bitcoin regains market dominance while Ethereum and BNB hit new cycle lows

exchange68September 12, 2024

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Quick Take

Recent market data underscores a significant shift in cryptocurrency dynamics as Bitcoin’s dominance over altcoins, like Ethereum and BNB, surges forward. Yesterday marked a notable sell-off in altcoins, encompassing all cryptocurrencies besides Bitcoin. This sell-off has led to Binance Coin (BNB) and Ethereum (ETH) reaching new lows against Bitcoin this cycle.

When evaluated in terms of USD, Binance Coin hit $208 for the third time. The Ethereum to Bitcoin ratio plunged to an all-time low of $0.057. Interestingly, Ethereum’s USD-denominated value avoided hitting a new low, holding steady above its previous low of $1,544 in September.

Meanwhile, Bitcoin has been steadily amplifying its market cap dominance, now accounting for more than 51%, and seems to be approaching a new cycle high. This shift indicates a possible investor preference towards Bitcoin, the world’s largest and most established cryptocurrency, over its smaller counterparts like Ethereum and Binance Coin.

Ethereum/BNB vs BTC: (Source: Trading View)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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