Over the past seven days, medium-cap altcoins have somewhat outperformed large- and small-cap tokens compared to Bitcoin.
As a result, Bitcoin’s dominance has dropped from 45% on November 17 to 40%.
Projects with a market capitalization over $1 billion are considered large-cap, while mid-cap are considered projects with a market capitalization between $100 million and $1 billion. Small caps are projects under $100 million and above $50 million.
The Glassnode graph below shows the growth of the above market cap groups against Bitcoin. Mid-caps rose almost 4% against Bitcoin, while large-caps remained neutral and small-caps fell about 2%.
With a market capitalization of around $50 billion, the BNB chain is considered a large token. BNB has dramatically outperformed the market compared to Bitcoin amid moderately neutral returns for L1 over the past 7 days. BNB posted a nearly 14% gain in Bitcoin after its price surged on Nov. 22.
Since October 23, BNB is up 31% against Bitcoin and 12% in USD. Moreover, BNB’s market share hit a record high on November 23, giving him more than 6% of the total market capitalization of the cryptocurrency industry.