Although Bitcoin (BTC) has experienced a massive increase in price in 2023, pushing its social dominance well above others as a result, the major altcoins by market capitalization are also worth keeping an eye on, particularly as they are creeping up as well, but have been doing so under the radar.
Specifically, Ethereum (ETH), Cardano (ADA), XRP (XRP), Binance Coin (BNB), and other cryptocurrencies are seeing little attention in comparison to Bitcoin, but their social dominance indicates they tend to coincide with that of the flagship decentralized finance (DeFi) asset, according to the data shared by the blockchain and crypto analytics platform Santiment on July 3.
As it happens, Bitcoin’s social dominance as of June 28 stood at 23.95%, at the same time as that of Ethereum was 7.32%, Cardano at 1.53%, the XRP token at 1.17%, and the BNB crypto at 0.64%, as the platform’s chart indicates.
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At the same time, Bitcoin has grown its price by 82.09% since the year’s end, climbing from $16,530 on January 1 to $30,100 on June 28, and currently changing hands at the price of $31,022, up 2.13% in the last seven days and 14.24% across the month, signaling the start of a bull market.
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Meanwhile, the value of Ethereum has increased by 52.97%, rising from $1,197 to $1,831, and at press time trading at $1,954.61, demonstrating an increase of 4.25% on its weekly chart and 2.87% on the month, as the crypto community awaits the upcoming Dencun upgrade, according to the data retrieved on July 4.
As for Cardano, it has grown its price by 9.5% since the year’s turn, advancing from $0.2466 on January 1 to $0.27 on June 28, while its price at present stands at $0.29, demonstrating a recovery of 4.65% over the previous seven days coinciding with the Vodafone non-fungible token (NFT) partnership while losing 22.86% over the past month.
In the meantime, XRP gained 34.86% during the observed period, as it grew from $0.3411 to $0.46, and is now trading at the price of $0.49, which represents an increase of 1.93% over the past week due to positive developments around the United States Securities and Exchange Commission (SEC)’s lawsuit against Ripple, despite losing 7.15% across the month.
On the other hand, BNB has seen a decrease in price by 7.1%, as it declined from $246.48 on January 1 to $229 on June 28. At press time, Binance Coin was trading at $245.31, up 2.95% on the week but down 20.12% over the month as Binance faces regulatory challenges but works to integrate the Bitcoin Lightning Network for deposits and withdrawals.
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