In a weekly report, Arcane Research analysts substantiated the growth of Ethereum and confirmed the onset of the altcoin season.
Bitcoin ended April with a fall of 2%, it becamethe first red month since September last year. At the end of the week, buyers tried unsuccessfully to climb above $ 59,000, followed by a pullback to $ 55,000.
BTC's dominance, or the ratio of the capitalization of the largest cryptocurrency to the total market capitalization of digital assets, fell below 50% for the first time since 2018.
At the same time, since the beginning of the year, altcoins have shown sharp growth, increasing their total capitalization by 420% - from $222 billion to $1.16 trillion.
One of the reasons for the altcoin season is analyticsis called the unabated interest in the DeFi space. ETH's high fees have sparked the popularity of alternative DeFi platforms - Solana and Binance Coin. The hype around Dogecoin also fueled the altcoin market.
Ether cap has grown 24% this week to $ 347 billion.
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