BTC's market capitalization has fallen to a 7-month low. Has the bull market for mainstream currencies come?

Bitcoin is currently adjusting above $ 10,000, but mainstream currencies are still continuing to rise, which has pushed the market share of BTC to its lowest point in seven months. Is the bull market for mainstream currencies finally here?

Bitcoin market share declines by 11%

Since the beginning of this year, the BTC market share has fallen by almost 11%. According to data from Tradingview.com, at the end of last year, BTC's market value accounted for more than 70% at one time, but it has now fallen to 62.5%. This is the lowest level since early July 2019.

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Bitcoin has risen about 44% this year, from less than $ 7,200 to $ 10,500 a few days ago. In the same period, gold has only risen by about 4%, compared with Bitcoin's considerable increase.

However, in the cryptocurrency world, mainstream currencies have eclipsed the 44% increase in bitcoin. Some currencies have doubled since the beginning of this year, and some have even doubled.

The total market value of the crypto market has risen by more than 60% this year, because other cryptocurrencies have outperformed Bitcoin. The total market value successfully exceeded 300 billion US dollars this week, the highest since the beginning of August last year.

Traders are not unaware of the outstanding performance of altcoins. As the call for bull market is getting higher, crypto traders are now bullish on altcoins.

Which altcoin performs best?

Ethereum is one of the best performing crypto assets this year. On January 1, ETH was only quoted at $ 130, and today it has surged by almost 120%. The market value of ETH has now exceeded US $ 30 billion, effectively consuming the market share that originally belonged to Bitcoin. However, the market value of ETH is only 16% of BTC, and Ethereum still has a long way to go.

Ripple's XRP token has recently been sought after, rising 72% since the beginning of the year. Bitcoin Cash performed better, surging 136% in 2020, nearly three times that of Bitcoin. BTC's other fork coin, BSV, is even more amazing, climbing from less than $ 100 all the way up by 260%.

Even the price of Litecoin has almost doubled this year, rising from $ 40 to $ 80, and EOS's increase has almost reached 100%.

As one of the best performing crypto assets in 2019 and 2020, Tezos has consolidated its position in the top ten by market capitalization, surging 160% this year to a record high, and up 680% since the beginning of 2019.

The bull market for mainstream currencies may really be on.