Bitcoin’s dominance over the total market value of cryptocurrencies has begun to decline, indicating that there is room for more than one winner among digital tokens as the sector develops.
The largest digital currency now accounts for about 46 percent of the total cryptocurrency market value of $ 2.3 trillion, down from the nearly 70 percent it recorded at the start of the year, according to coinGecko, a cryptocurrency tracker. Ether ranks second with a 15 percent share, while another group of digital currencies outside the first few category doubled their share during the same period to 36 percent.
Bitcoin is still the largest cryptocurrency, but the momentum surrounding other tokens is attracting increasing interest, such as Ethereum, which breached the $ 3,000 level for the first time on Monday, after quadrupling its price this year.
The current distribution of market share also reflects the shake-up that affected the cryptocurrency sector in April, as Bitcoin did not recover all the gains it lost after falling from the record level it reached in mid-April at approximately $ 64,870.