What Does CoinShares' Meltem Demirors Think About Bitcoin, Ethereum and Dogecoin?

Bitcoin BTC/USD dominance dipped below 50% for the first time in nearly three years last week, Meltem Demirors, chief strategy officer of CoinShares, said Monday on CNBC's "Squawk Box."

Related Link: Bitcoin Crypto Market Dominance On Verge Of Slipping Below 50% As Dogecoin, Other Minor Alts Charge Ahead

A lot of the volatility in Bitcoin is caused by traders, Demirors told CNBC. 

Ethereum ETH/USD is the main cryptocurrency having an impact on Bitcoin dominance, she said. Investor sentiment surrounding Ethereum is changing, Demirors noted, adding that a lot of investors are rotating their Bitcoin gains into Ethereum. 

See also: How to Buy Ethereum (ETH)

Dogecoin DOGE/USD has become extremely popular recently as the meme-based cryptocurrency surged to nearly $0.50 in recent weeks.

CNBC's Andrew Ross Sorkin noted that Dogecoin started as a joke and asked Demirors if the meme-based cryptocurrency has made a mockery of the cryptocurrency asset class. 

Demirors responded Dogecoin doesn't invalidate anything else happening in the crypto space, the same way that GameStop Corp. GME doesn't invalidate the rest of the stock market.

Whether we like it or not, Dogecoin is here, she said, adding that "the people seem to like it."

Related Link: Doge Bounces Back From Post-4/20 Losses; What Lies Ahead For The Meme Coin

Price Action: Bitcoin is up 84.97% year-to-date. 

Ethereum is up 236.23% year-to-date.

Dogecoin is up 5,597.76% year-to-date.

(Image by TheDigitalArtist from Pixabay)