As the cryptocurrency market rapidly approaches September highs, current data shows that the majority of gains have been driven by major altcoins, including XRP (XRP), Stellar (XLM) and now TRON (TRX).
The effect of this altcoin-driven surge has been a decline in the total market dominance of Bitcoin (BTC), despite being up 3.5% today. According to data from CoinMarketCap, Bitcoin’s market dominance currently stands at 51.6%, down sharply from a recent peak of 58%.
For comparison, Bitcoin’s weight in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, is now down to 54.3%. It’s weight recently peaked around 60% earlier this month, but major gains in XRP and other altcoins have shifted the weighting.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.