Bitcoin Dominance At YTD Low: WAVES’ 150% Weekly And TRON Leading The Altcoins Today

Bitcoin stays stagnant at around $11,800, as of now, while most large-cap altcoins have calmed down in the past 24 hours. The situation among low-cap alts is radically different.

Low-cap Altcoins On The Move

Most large-cap alternative coins haven’t shown any significant fluctuations since yesterday. Ethereum is less than 1% down to $425, Ripple (-0.25%) to $0.3, and minor gains are visible for Chainlink, Binance Coin, Cardano, and EOS.

The two most volatile assets from the top ten are Litecoin with a 3% price increase to $63 and Bitcoin SV’s 2.4% drop to $218.

The outlook among the top 25 coins is somewhat different, with 5% increases from Stellar, Cosmos, and NEO. Tron is the most substantial gainer here, with 8%. TRX continues its recent bull run following the strategic partnership with Waves to enhance mass adoption in the DeFi space.

Cryptocurrency Market Overview. Source: coin360.com

However, the most significant gainers from the past 24 hours are representatives of the lower-cap alts – OMG Network (50%) and Ocean Protocol (42%) after the latter’s Binance listing. OMG exceeded $3 earlier today – a level the asset hasn’t seen since June 2019.

WAVES is also feeling the effects of the Tron partnership after another 30% price increase to $4.50. Thus, WAVES has marked a 150% jump in less than a week as it traded at $1.8 on August 12th.

The double-digit increase club is also attended by Ren (23%), Basic Attention Token (19%), 0x (15%), Yearn.Finance (15%), Fetch.ai (14%), Aave (13%), Siacoin (11%), BitTorrent (10.5%), and Ontology (10%).

Divi (-8%), Quant (-6%), and Ampleforth (-5%) are the most substantial losers of the day.

Bitcoin Stays Still And Loses Dominance

Bitcoin’s intraday price developments appeared promising at first glance when the asset headed upwards to about $11,900. However, the bulls couldn’t sustain the run, and BTC rapidly reversed to about $11,800.

After a few minor and unsuccessful attempts to head higher again, Bitcoin returned to the same $11,800 level, where it’s situated at the time of this writing.

Consequently, as altcoins continue charting impressive gains, and Bitcoin refuses to overcome its $12,000 nemesis, its dominance suffers. The metric comparing BTC’s market cap against all other coins has dived to 58.4%. This is the lowest number displayed since mid-June 2019.