Bitcoin Pales Next to Alternative Coins in Up Day for Crypto
$Bitcoin (BTC.CC)$ $Polkadot (DOT.CC)$ $Cardano (ADA.CC)$ As a blockbuster year for cryptocurrencies ticks to a close, some of the smallest coins are having a moment.
Polkadot and Cardano were among coins posting the biggest moves on Monday following a relatively quiet holiday weekend, with each up more than 6% at one point, before giving back some gains, according to data from Coinmarketcap.com. Bitcoin, the largest digital asset, was little changed at about $51,000 as of 5 p.m. in New York, as was Ether at about $4,060.
“There is no question that Bitcoin’s dominance has waned recently,” said Matt Maley, chief market strategist for Miller Tabak + Co. “I think that is merely because some investors are chasing the ‘newest thing.’”
That alternative coins are gaining traction isn’t a new development: Many cryptocurrencies other than the largest few have posted spectacular runs this year as the crypto economy expanded and attention shifted toward other areas of the market. Coins such as $Dogecoin (DOGE.CC)$, $Cardano (ADA.CC)$ and Shiba Inu, previously relegated to the most speculative corners of the market, have turned into household names this year.
This dynamic has lessened Bitcoin’s dominance, with total assets under management for Bitcoin-related investment products falling 20% to $39 billion in December, according to a report from CryptoCompare. The decline reduced Bitcoin products’ portion of total digital-asset investment vehicles to 67.8% from 70.6%, the lowest share of the year, according to the data provider.
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