The cryptocurrency market is witnessing price dynamics with Bitcoin temporarily rising to $117,000, while many altcoins are showing significant growth.
Bitcoin Dominance Declines
Bitcoin started August on a downward trend, plummeting to $112,000 amidst global economic uncertainty and political events. However, it later recovered, peaking at $118,000, before settling around $117,000. Its market capitalization reached approximately $2.330 trillion, while its dominance over altcoins dropped to 58%.
Altcoins Take Center Stage
With Bitcoin's changing fortunes, altcoins have shown impressive results. Ethereum reached a three-and-a-half-year high of $4,200. Other notable altcoins like DOGE, LINK, and HYPE showed gains of up to 8%. ENA surged by 20%, while Pi Network's token increased by 10%.
Overall Crypto Market Overview
The total market capitalization of all crypto assets has increased by nearly $200 billion in a few days, pushing it back above $4 trillion.
The cryptocurrency market exhibits significant changes, with Bitcoin's diminishing grip and the rising success of altcoins, highlighting current fluctuations in the global economy and investor interest in alternative assets.
