• Sat. Mar 2nd, 2024

Bitcoin Declines as Altcoin Gains Dominance



Altcoins are alternative cryptocurrencies to already established coins such as Bitcoin, Ethereum, Binance Coin, Cardano, Ripple, and Polkadot. As the daily cryptocurrency market capitalization breaks into new heights, altcoins such as Dogelon Mars (ELON), Dogecoin, Shiba Inu, GALA, and more are chipping away at bitcoin’s significant market capitalization share.

Bitcoin’s dominance in the cryptocurrency space has declined from 100% to 42% within the past ten years. Due to the crypto selloff in the past few months, altcoin investment gained a more significant share of the entire cryptocurrency market space.

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After the ban on bitcoin mining in China, most miners found a haven in Kazakhstan – but with the outage in Kazakhstan, investors are now turning to altcoins. Below are significant reasons why altcoins are gaining dominance in the cryptocurrency market.

The Expansion of The Use of Cryptocurrency

Dogecoin, Dogelon Mars, and Shiba Inu are not ordinary cryptocurrencies. Their blockchain technology can open a pathway for various applications essential to different industries, such as automation, peer-to-peer financial platforms, providing reliable access to credit, and building transaction trust among users.

Clayton Gardner, co-CEO and co-founder of Titan, says altcoins are closing in on Bitcoin because the crypto industry is taking advantage of different cryptocurrency sectors. With various drivers such as Decentralized finance (DeFi) apps, smart contracts platforms, distributed storage platforms, NFTs, play-to-earn games, etc. These platforms are fundamentals of developing strategic ways for businesses and consumers to interact digitally and manage operations.

Cooperate Investment in Altcoins

Altcoin’s assets are gaining momentum among cooperation and institutional investors. These deep-pocket investors are willing to take risks on speculative crypto assets, and the mainstream will follow. An example of a speculative crypto asset is the Dogelon Mars.

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What Is the Market Capitalization of Dogelon Mars?

The market capitalization for Dogelon Mars (ELON) in April 2022 is $461,420,588 and ranking #135 according to coinmarketcap in terms of daily market cap. It is currently trading at $0.0000008403, which has risen more than 8,000% since October 2021. Dogelon Mars (ELON) now has 552,240.08B tokens in circulation, with one quadrillion in the maximum supply.

Is It Possible for Dogelon Mars (ELON) To Hit $0.01 In 2022?

Will Dogelon Mars reach 1 cent? That question has been asked by cryptocurrency investors? Numerous altcoins aim to reach the $0.01 market price target so investors can get richer. However, Dogelon Mars (ELON) can’t reach the $0.01 price target. Because it was to reach that target, the market capitalization must be higher than $5.5 trillion, five times higher than the Bitcoins market capitalization and almost twice more elevated than the cryptocurrency market value. But this altcoin has potential for an institutional and cooperative investor willing to take risks in investing in the crypto space, which brings us to the next reason why altcoins are gaining an advantage against Bitcoin.

Altcoins Are Cheaper

Bitcoins are expensive and trade between $35,000 to $50,000 per Bitcoin, while altcoins trade at a cheaper price and are accessible to average and new individual investors. As altcoin’s popularity grows, investors search for new, profitable, and low-priced altcoins to invest in. Altcoins offer a lesser-priced entry point with an opportunity for an uneven risk, where the investment is more significant, and the upside potential is cheaper.

Altcoins Are Frequently Innovated

Cryptocurrency experts say the easy mining of altcoin provides a solution to the existing limitation in blockchains, and crypto will strategically affect the demand for Bitcoin. Altcoin’s developers are always taking advantage of the mistakes of Ethereum and Bitcoin blockchain infrastructure like broadly and automation interaction with the network to improve on upcoming and existing altcoins. An example is XRP, an altcoin that mines easier than Ethereum and Bitcoin.

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Kevin Moore - E-Crypto News Editor

Kevin Moore - E-Crypto News Editor

Kevin Moore is the main author and editor for E-Crypto News.