- Bitcoin makes up about 48% of the entire cryptocurrency market capitalization
- The share rises to 75% if we embrace Ethereum and Tether
- Different cryptocurrencies’ share declined regardless of the most recent cryptocurrency market rally
The cryptocurrency market bounced in 2023 and rallied proper from the beginning of the buying and selling yr. Consequently, Bitcoin is up +77.60% YTD, a outstanding efficiency in simply 4 months.
Different cryptocurrencies took the lead from Bitcoin. As such, your complete market bounced, as mirrored by the entire crypto market capitalization. By the tip of 2022, it dropped to $755 billion following a bearish market however now reached $1.16 trillion.
It implies that buyers regain confidence within the crypto area after the FTX scandal and different frauds.
However apart from Bitcoin, what different cryptocurrencies are favored by buyers? Two stand out of the group: Ethereum and Tether.
Ethereum and Tether preserve tempo with Bitcoin
The chart above exhibits the entire crypto market capitalization dominance in percentages. Unsurprisingly, Bitcoin leads with 48.58%.
Its share rose from 40% on the finish of 2023, within the detriment of different cryptocurrencies, akin to USD Coin or Solana. Even Binance Coin misplaced share, sitting at 4.31% at present.
The chart exhibits that solely two cryptocurrencies preserve tempo with Bitcoin – Ethereum and Tether. Ethereum’s share remained secure even in the course of the bearish market of 2022. The identical with Tether.
The three comprise about 75% of the entire cryptocurrency market capitalization – a great statistic to think about subsequent time when investing in cryptocurrency.