Bitcoin dominance below 50% for the first time in 3 years as Ether surges
Ethereum broke $3,000 to set a new all-time high on Monday, driving Bitcoin’s dominance below 50% for the first time in nearly three years.
The price of ETH has now quadrupled in 2021 — outperforming Bitcoin by about 200%.
- Ethereum, the second largest crypto, is up 1,400% in the past year.
- Bitcoin is up around 550%, but boasts nearly triple the market cap.
- Binance Coin (BNB) has them both beat (and Ripple) with over 3,600% annual return.
Altcoins threaten Bitcoin dominance
The crypto market at large is now valued at $2.3 trillion, having started the year at just $800 billion.
Bitcoin recorded a $1.06 trillion market cap at time of writing. This puts Bitcoin’s “dominance” — how much of crypto’s market value is Bitcoin — at about 47%.
- Ethereum dominance is above 16% but it was higher in early Feb.
- It was above 25% when the last bull market peaked.
- BNB flipped Ripple for third a few weeks back and seems to be staying there.
[Read more: How MicroStrategy grew its $5 billion Bitcoin stash in 9 months]
Bitcoin’s dominance hasn’t been this low since July 2018, when Bitcoin was still falling from its $20,000 then-record high.
Top four aside, utility tokens for exchanges like Uniswap and FTT are rising fast. As is dollar-pegged stablecoin Tether — up $30 billion this year alone (130% growth).
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