BitcoinBitcoin Dominance Falls to 7 Month Low as Altcoins SurgeLast week, a crash sank the price of Bitcoin by 10% in one day. D

Last week, a crash sank the price of Bitcoin by 10% in one day. I see gloom and doom. There has been a sea change this week: the crypto markets are sailing to greener pastures and Bitcoin is on the upswing despite its dominance of the market having dropped to its lowest level in seven months. The crypto markets are sailing to greener pastures and Bitcoin’s way up, even though its dominance over the market has plummeted to a seven-month low. 

As such, Bitcoin is no longer a leading cryptocurrency by market capitalization. Ethereum, the second-largest cryptocurrency by market cap, is gaining traction alongside it. The Ethereum price finally cracked the $2,000 mark yesterday, and it even reached an all time high.

One to keep a close eye on this year. On February 20 the price briefly crossed $2,000, hitting $2,036. Over a month later, it didn’t cross the threshold again. Just after midnight, Ethereum hit its highest price ever, $2,152.

Since this writing, the price has slipped a little and sits at $2,113.

The top 20 cryptocurrencies by market cap achieved the largest overnight price gains yesterday, but Polkadot is up more than 20% today, trading at $46.75. XRP is up more than 30% today, trading at $52.80.

Take Ethereum, the second-largest cryptocurrency by market capitalization. A spike in the price of Polkadot came 3 days after Kraken CEO Jesse Powell said that Polkadot could potentially outperform Ethereum with its lower transaction fees. Due to increased demand, Ethereum’s average transaction fee went from $13 to $22 in a single day. Powell may be right. In addition, Chainlink is up 6% to trade at $32.44, with Uniswap up almost 8% to trade at $31.42. XRP posted a gain of almost 7% over night, rising from $0.063 to $0.069. XRP is now worth more than it was prior to it getting hit by a lawsuit brought by the United States Securities & Exchange Commission, claiming that it was marketed as an unregistered security by its progenitor, Ripple Labs. Also, BitTorrent token (BTT) reached its highest price of $0.00778 in just over an hour at 11.39 UTC. 

But the most monumental overnight price gains in the top 20 cryptocurrencies by market capitalization were achieved by Polkadot, XRP, Uniswap, Chainlink and BitTorrent.

Polkadot is up more than 20% today, trading at a price of $46. A . The bump comes three days after Kraken CEO Jesse Powell said that he believes Polkadot could top Ethereum with its cheaper transaction fees. Considering Ethereum’s average transaction fee went from $13 to $22 in a single day due to increased demand, Powell may have a point. 

And Chainlink is up 6% to trade at $32.44, while Uniswap is up almost 8% as it trades at $31.42. Now, Bitcoin’s price is almost back where it was before the crash. By market cap, XRP is now worth more than it was before it got hit by a $1.3 billion dollar lawsuit by the US Securities and Exchange Commission, which alleges that its progenitor, Ripple Labs, distributed it as an unregistered security. 

However, Bitcoin’s market dominance is at a seven-month low. By the beginning of this year, Bitcoin held 72% of the market. 

However, market dominance has declined to 58.47% and the power of the coin is in freefall.