Bitcoin’s market dominance currently sits at just 51 per cent – its lowest level since July 2018. So what gives?
The big adoption news yesterday was the announcement that PayPal’s Venmo mobile payment app will soon allow its 70 million users to be able to buy, sell, and hold Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
Venmo is one of the most popular digital payment services in the US and a direct competitor to Square’s CashApp, which has seen huge profits over the last year from its decision to make crypto available on the platform. Venmo is particularly popular among younger Americans, who use the app to make payments or split purchases with friends and family.
The news would have sent Bitcoin soaring in days gone by, but the massive adoption boost couldn’t quite break the leading cryptocurrency out of its holding pattern and it is up just 2.5 per cent since yesterday morning.
There was, however, better news elsewhere, with double digit gains the order of the day further down the board. Ethereum (ETH), XRP, and Cardano (ADA) were all up more than 10 per cent, recovering some of the weekend’s losses, while Binance Coin (BNB) was flying again and up above 20 per cent.
Is just the market settling down after recent turbulence? Are traders moving their money out of Bitcoin in search of greater gains? If they are, it seems they’re at least losing interest in Dogecoin at last, with the joke coin yesterday’s only big dipper despite its fans talking up the prospects of hitting the $1 mark. It’s down 20 per cent in the last 24 hours, trading hands at $0.32 – which is still up 150 per cent over the last seven days. Will it be able to hold onto those gains now?