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Binance Coin (BNB) Surpasses Cardano (ADA) While Bitcoin Stalls Around $37K (Market Watch)

While bitcoin remains somewhat calm in a range between $35,500 and $37,500, some alternative coins have stepped up and reduced BTC’s dominance even more. These include BNB reclaiming its 4th spot as the largest digital asset and a double-digit surge for DOGE following a Coinbase Pro listing.

BNB Takes Back 4th; ETH Challenges $2.7K

Most of the altcoin market didn’t perform all that well in the past several days, but the trend started to change on Monday. Ethereum is a prime example as it dipped below $2,200 on Sunday but has spiked by more than $500 since then. As a result, ETH currently flirts with the $2,700 line.

Binance Coin also went through a roller-coaster by falling beneath $300 on Sunday. BNB even lost its position as the fourth-largest digital asset to ADA but has reclaimed it in the past 24 hours as it has spiked to over $375. The latest surge may be attributed to the hype around the new token on Binance Launchpool – Automata (ATA).

Cardano (4%), Polkadot (6%), Uniswap (2.5%), Chainlink (2%), and Bitcoin Cash (1%) are also in the green. Interestingly, DOGE is the most significant gainer since yesterday, with an 18% surge following a listing on Coinbase Pro.

Cryptocurrency Market Overview. Source: Quantify Crypto

Further increases are evident from Curve DAO Token (21%), Mdex (15%), Zilliqa (14%), LEO (12%), Kusama (10%), and 0x (10%).

The cumulative market cap of all crypto assets has increased by around $40 billion and is close to reclaiming $1.7 trillion.

Bitcoin Stuck in a Range

While some alternative coins are heading higher lately, bitcoin seems somewhat stuck. The primary cryptocurrency also dipped hard on Sunday but recovered $4,000 relatively quickly to a three-day high at $38,000.

However, the bears didn’t allow any further increases and pushed the asset south. In a matter of hours, BTC lost more than $2,000 of value. Since then, it has bounced up and down with similar price movements.

As of writing these lines, bitcoin stands at just over $37,000, with its market cap at around $700 billion. Nevertheless, the altcoins have further decreased BTC’s dominance to below 42%.

BTCUSD. Source: TradingView

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