As the sensational year of cryptocurrencies is coming to an end, some of the smallest cryptocurrencies have also ushered in brief moments of highlights.
According to Coinmarketcap data, Polkadot and Cardano became the two cryptocurrencies with the biggest gains on Monday, both rising by more than 6%, and then fell back. As of press time, Bitcoin has fallen by 0.97% to US$50,942.66 per coin; Ethereum has fallen by 0.72% to US$4062.67 per coin. Matt Maley, chief market strategist at Miller Tabak + Co, said: "There is no doubt that Bitcoin's dominance has weakened recently. I think this is simply because some investors are chasing the ‘newest thing’." The increasing attention of alternative currencies other than Bitcoin is not a new trend. With the expansion of the crypto economy, investors' attention has turned to other areas of the market. Many cryptocurrencies (except for a few large cryptocurrencies) have seen amazing rises this year. Dogecoin, Cardano, and Shiba Inu coins, once considered the most speculative cryptocurrencies, have become household names this year. Mati Greenspan, founder and CEO of Quantum Economics, said: "Bitcoin is making rapid progress in the global economy, but it is easy to see that some smaller, faster-growing cryptocurrencies are surpassing Bitcoin." This dynamic change has weakened Bitcoin's dominance. According to a report by CryptoCompare, the total assets under management of Bitcoin-related investment products fell by 20% to 39 billion U.S. dollars in December. In addition, data shows that the proportion of Bitcoin products in the total amount of digital asset investment tools has dropped from 70.6% to 67.8%, which is the lowest level this year.
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