Crypto Weekly Wrap: Bitcoin Dominance Falls as Altcoins Post Double-Digit Gains
Terence Zimwara
Markets and Prices
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In the last seven days, the total crypto market capitalization climbed 10%, from $3.4 trillion to $3.74 trillion. Bitcoin closed at just over $117,200, gaining 8.5%—but its dominance dropped from 63.71% to 57.85%, signaling a shift to altcoins.
Crypto Market Ends Week on a High Note
After a slow start, the crypto economy ended the week on a high note, with the total market capitalization up 10% from $3.4 trillion on July 5 to $3.74 trillion by July 7. Bitcoin, which set new milestones between July 10 and 11, ended the week 8.5% higher, trading at just over $117,200.
However, despite bitcoin’s price movements setting the pace for the wider cryptocurrency market, its dominance underwent a notable shift, declining from 63.71% on July 5 to 57.85% by July 12. This significant dip in market share suggests that capital rotated into alternative cryptocurrencies, with altcoin gains proving to be even more spectacular.
The trend was clearly evidenced by the double-digit rallies registered by a majority of the top 20 digital assets, underscoring a renewed appetite for risk among investors. To illustrate, ETH, which matched price levels last seen in early February, rose by 16.7% — nearly double bitcoin’s gains — to close the week around $2,930.
XRP toppled USDT to become the third-largest digital asset by market capitalization after it rose by 21.8% to close at $2.71. Other top 20 digital assets that registered double-digit gains in the week included XLM, which rose by 62.9%, ADA (21.2%), DOGE (19.5%) and SUI (15.8%). None of the top 20 digital assets ended the week in the red.
Memecore Leads Top Gainers, Humanity Suffers Biggest Drop
Meanwhile, Memecore rose by over 800% to close at $0.52, making it the biggest gainer of the seven-day period. Kori, which rose by 573%, was the next best-performing digital asset, followed by Manyu, which gained 453%. HYPER and Graphite Protocol completed the top five gainers with increases of 361% and 115% respectively.
While the week was generally a good one for most digital assets, a few still saw their values decline, with Humanity seeing the biggest drop of 45.6%. TXX went down by 44%, making it the second-biggest loser of the period, followed by SN, which declined by 41%. Among the top 100 digital assets, only BGB (1.3%), OKB (0.6%) and PI (0.2%) ended the week in the red.
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