Gemini’s new HQ in Ireland as part of Euro expansion
Cryptocurrency exchange Gemini has announced Ireland as its European headquarters amidst regulatory uncertainty in the US.
Bitcoin’s dominance has dipped, indicating that the industry might be heading into an extended altcoin season (“alt season”).
According to data from metrics like Coingecko, Coin360, and TradingView, Bitcoin is only making up 39% of the overall cryptocurrency market cap at the time of writing. This marks the lowest it has seen since the beginning of the year, and means the market is currently in alt season.
Source: Coin360
While Bitcoin is looking at stronger figures than it has in the past couple of months, the altcoin market has seen a massive rally, with Ethereum locking in a nearly 20% market cap dominance – just half of that of Bitcoin. This is the lowest market cap share that Bitcoin has seen since the middle of January 2022 and Ethereum’s dominance has grown by over 5% in the past six months.
Currently, Bitcoin is trading at just under $23,000 USD – which is a decline of 3.8% in the past 24 hours, but a tidy 9.9% gain in the past 30 days. Overall, the market is looking like it might be in a rally after months of dipped trading values.
Looking at the chart below from TradingView, the dominance of Bitcoin over the past week has slipped even further.
Looking at Ethereum, in the past 24 hours, it has shed 5.1%. However, in the past 30 days, it has gained a staggering 43.7%, over four times the gain Bitcoin has seen in the past month. Ripple’s XRP has seen an increase of 11.2% in the past 30 days, Cardano has gained 10.2% over the last month, and Solana has gained 7.7%.
According to crypto dominance tracker, the Altcoin Season Index, it is “Currently Altcoin Season!” with a current 96/100 score. This indicates that there is a major altcoin dominance in the cryptocurrency market cap and trading volumes. It means that 75% of the top 50 coins have outperformed Bitcoin in the past 90 days, excluding stablecoins and exchange-backed tokens.
Source: Blockchain Center
Cryptocurrency exchange Gemini has announced Ireland as its European headquarters amidst regulatory uncertainty in the US.
According to the European System Risk Board, cryptocurrency might not be linked to traditional finance but still requires more oversight.
Those in positions of government authority will be required to declare their cryptocurrency holdings if a new bill is passed.
Russian lawmakers have proposed significant amendments to the ruble digital currency, allowing non-residents to participate using the CBDC.