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Crypto is making a steady recovery as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) have traded higher by more than 20% over the last month.
The most interesting part of the recent crypto rally is that Bitcoin dominance has been steadily declining, Cumberland’s Chris Zuehlke said Thursday on CNBC’s “Squawk On The Street.”
Bitcoin dominance is near an all-time low, Zuehlke said.
Bitcoin dominance is the measure of Bitcoin’s market cap relative to the market cap of the rest of the crypto industry.
See Also: Scaramucci Still Sees Bitcoin Going To 0,000 By Year-End
Zuehlke’s Take On Cryptocurrency Market: Zuehlke told CNBC there is an increased interest in other aspects of the crypto industry that represent pushing innovation in the smart contract space.
Investors have become more and more interested in layer one protocols that enable the disintermediation of smart contracts, he said.
Ethereum, Solana (CRYPTO: SOL), Polkadot (CRYPTO: DOT) and other similar assets have all seen increased interest lately, he said.
“It’s a pretty clear indication that institutions are starting to look beyond Bitcoin to ways the industry might evolve finance going forward.”
Zuehlke expects these layer one protocol assets to be a leader in growth and innovation over the next six to 12 months, he said.
BTC, ETH Price Action: Bitcoin is up 71.58% year-to-date, while Ethereum is up 407.61% year-to-date.
Photo by Christopher Muschitz from Pixabay.
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