Bitcoin’s market dominance has fallen below 50 per cent for the first time since July 2018, with alt coins soaring again today. Alt season seems to be well and truly here, but which will come out on top?
Bitcoin remains the leading cryptocurrency by market cap, with the price holding at just over $54,000 for the third day in a row. However, it’s being outshone at the moment by the likes of Ethereum (ETH), which is up another 3.5 per cent and changing hands at just over $2,700.
The second-largest cryptocurrency by market cap yesterday set yet another new all-time high of $2,750 and is now the 33rd largest asset in the world by market cap, putting it on the same level as PayPal. The rise seems to be driven by fundamentals with use of the cryptocurrency soaring amid the DeFi boom, and the total value locked in the Ethereum ecosystem crossing $64 billion for the first time. Can it hit $3,000 soon? At what point does calling it an ‘altcoin’ begin to sound silly?
Ethereum isn’t alone in creeping closer to Bitcoin. Cardano (ADA) is leading the way today, potentially buoyed by its recent announced partnership in Africa (read more). Today marks a major milestone for Charles Hoskinson and Cardano, the third generation blockchain project he founded, with the Africa Special taking place at 16:30 UTC – you can register for #CardanoAfrica here.
XRP and Binance Coin (BNB) also continue to climb, both rising around three per cent to $1.39 and $574 respectively. Can they again test recent highs? Will any of them be able to join Ethereum in giving Bitcoin a run for its money at the top of the table?
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In the MarketsThe Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/Total crypto market cap
The total capitalisation of the entire cryptocurrency...