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Bitcoin Dominance at Its Lowest Since Late Last Year As Visa Begins to Accept Crypto Payments

Summary:
As Bitcoin continues to consolidate, signs of a bullish comeback are beginning to show. The coin surged to 57,600 on Monday at 16:33 GMT. A gain of 2.1% over the last 24 hours. But the cryptocurrency market is witnessing alt-season 2.0, with Bitcoin now accounting for less than 60% of the total cryptocurrency market cap. On March 29, analyst Filbfilb, co-founder of trading suite Decentrader, announced on Twitter that conditions were finally right for a fresh altcoin surge. The conbined market cap of altcoins stood at 0 billion. Altcoin season has been a full three years in the making. With Bitcoin consolidating after hitting an all-time high of ,700, it appears that circumstances have played into traders’ hands. At the time of writing, Bitcoin market cap dominance fell to 59.4%,

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As Bitcoin continues to consolidate, signs of a bullish comeback are beginning to show. The coin surged to 57,600 on Monday at 16:33 GMT. A gain of 2.1% over the last 24 hours.

But the cryptocurrency market is witnessing alt-season 2.0, with Bitcoin now accounting for less than 60% of the total cryptocurrency market cap.

Bitcoin Dominance at Its Lowest Since Late Last Year As Visa Begins to Accept Crypto Payments

On March 29, analyst Filbfilb, co-founder of trading suite Decentrader, announced on Twitter that conditions were finally right for a fresh altcoin surge. The conbined market cap of altcoins stood at $750 billion.

Altcoin season has been a full three years in the making. With Bitcoin consolidating after hitting an all-time high of $61,700, it appears that circumstances have played into traders’ hands.

At the time of writing, Bitcoin market cap dominance fell to 59.4%, the lowest since October last year.

The latest development that might have caused this fall is arguably Visa who announced earlier today that it would be supporting stablecoin USD Coin (USDC) for settlement. Hence, using the Ethereum blockchain. In response, Ethereum gained about 4.8%.

The move by the fintech giant coincides with the growing institutional acceptance of digital currencies. Visa’s move comes as major finance firms including BNY Mellon, BlackRock Inc and Mastercard Inc have began to or are planning to accept cryptocurrencies. The company has launched a pilot payment program with Crypto.com, and plans to roll out its services to various partners later this year.

Cuy Sheffield, head of crypto at Visa, said:

We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers.

Following Tesla’s footsteps, Visa utilise the Ethereum (ETH) blockchain to run its own nodes. This is expected to likely reduce fees for customers and merchants as there would be no need to convert cryptocurrency payments into fiat currency.

Despite the Visa news, intraday activity with the BTC/USD pair was up by over 2% in the last 24 hours. Market analysts have noted that last week’s fall to close to $50,000 represented a definitive price fall floor in the ongoing consolidation period.

Twitter account Rekt Capital estimated on Monday:

It could very well be that the BTC bottom is in. If this is indeed the case, then this means that $BTC bottomed after a two-week retrace for the second time this year. Average Bitcoin retrace in 2017 was ~16 days.

If you have any questions and comments on Bitcoin today, use the form below to reply.


© IbrahimAnifowoshe for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin

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