May 7, 2021

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Ether Hits ,000 as Bitcoin’s Crypto Dominance Declines

Ether Hits $3,000 as Bitcoin’s Crypto Dominance Declines

Bitcoin’s domination of total cryptocurrency market value is declining as its next-biggest rival Ether reaches the $3,000 milestone. From a report: The rise of Ether suggests there’s room for more than one winner among digital tokens as the sector evolves. Bitcoin now accounts for about 46% of total crypto market value, down from roughly 70% at the start of the year, and Ether makes up 15%, according to tracker CoinGecko. Bitcoin remains the biggest cryptocurrency but the momentum in other tokens is drawing increasing interest. Proponents argue investors are getting more comfortable with a variety of tokens, while critics contend the sector may be in the grip of a stimulus-fueled mania. Cryptocurrencies were broadly higher on Monday. Bitcoin climbed above $58,000, while Ether jumped 6% to $3,151 as of 8:17 a.m. in New York. “Ethereum is rising and not much seems to be in its way,” Edward Moya, a senior market analyst at Oanda, wrote in a note Friday, adding that other tokens were also seeing “fresh interest.” The current distribution of market share also reflects an April shakeout in the cryptocurrency sector. Bitcoin has yet to recover all the ground it lost after tumbling from a mid-April record of almost $64,870.

Read more of this story at Slashdot.