Another record shattered! Bitcoin has seen its share of the overall market fall to less than half, as Ether and other altcoins have surged in price. This 50% share is a first for the digital asset since 2018.
The ratio was 48%, and came about as Ether surged to an all-time high.
Bitcoin’s market value is about $1.02 trillion, versus about $2.13 trillion for the CoinGecko universe of 6,816 digital coins. Ether’s share of the market capitalization is about 14%, and could go a tad higher unless things change in the world of Bitcoin soon.
Although the 12-year-old Bitcoin is up 88% this year, reaching an all-time high just below $65,000 earlier in April, the rally has stalled a bit lately.
Traders are apparently bidding up prices for other cryptocurrencies, for unknown coins from Aave to Zcash, which are up 347% to 330% respectively. And then, on the other hand you have richly documented rallies like Dogecoin which has climbed 50-fold in 2021.
These rapid price increases are drawing comparisons to the rampant speculation that took place during the last big bull run for cryptocurrencies in 2017 and early 2018. That was punctuated with what are commonly known as ICOs, many of which gave way to steep losses later down the road.
This is a scenario that we have seen lately, and it is a signal that the market is feeling risky enough that altcoins are outperforming.
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