Large cryptocurrencies traded red on Wednesday night as the global market value of cryptocurrencies fell 0.92% to $ 2.16 trillion.
What happened: Bitcoin (CRYPTO: BTC) was down 0.99% to $ 47,537.64 in 24 hours. For the week, BTC has fallen 1.95%.
Also see: How to Buy Bitcoin (BTC)
Ethereum (CRYPTO: ETH) was down 1.51% to $ 3,541.72 in 24 hours. Over a seven-day period, ETH has risen 2.34%.
Meme cryptocurrency Dogecoin (CRYPTO: DOGE) fell 2.36% to $ 0.24 over 24 hours. Over the last seven days, DOGE has fallen 5.74%.
The best gainer over 24 hours on Wednesday was Shiba Inu (CRYPTO: SHIB), which rose 24.01% to $ 0.00000835. Over the last seven days, the SHIB has risen 12.92%.
Compared to BTC and ETH, SHIB has increased by 24.83% and 25.10%, respectively.
Other notable gainers over 24 hours included Audius (CRYPTO: AUDIO), Cosmos (CRYPTO: ATOM) and Avalanche (CRYPTO: AVAX).
AUDIO shot up 23.67% to $ 2.89, ATOM rose 10.33% to $ 36.28, while AVAX rose 7.98% to $ 66.13.
Why it matters: Analysts are of the opinion that it is altcoin season as apex cryptocurrency was better than such coins.
Also see: This cryptocurrency has better 4-year returns than Dogecoin, Bitcoin, Ethereum
“It’s definitely altcoin season,” he said Martha Reyes-Hulme, CoinDesk reported.
“BTC dominance (BTC market value relative to the total market value of cryptocurrency) could easily increase again, but certainly DeFi could continue – we see it on the front line in terms of client interest.”
Bitcoin dominance stood at 41.6% at the time of press, according to CoinMarketCap data.
Lukas Enzersdorfer-Konrad, Chief Product Officer at Bitpanda, said in an email note that the so-called “Bitcoin Day” – a reference to El Salvador, which adopted BTC as a legal tender – “resulted in pain” for BTC bulls.
“BTC’s market dominance has also fallen to 40% as most altcoins have recovered faster,” wrote Enzersdorfer-Konrad.
“Bitcoin leads the market and moves in a thin area between its support and resistance line after the sale. Its daily light is still volatile as the market tries to find new levels of demand. Most altcoins simply follow BTC’s candlesticks as well.”
Enzersdorfer-Konrad said the market looks bullish over a higher time frame, but it needs more time to recover.
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