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- 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 12 months. Because of this, Bitcoin is up +77.60% YTD, a exceptional efficiency in simply 4 months.
Different cryptocurrencies took the lead from Bitcoin. As such, your entire 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 traders regain confidence within the crypto house after the FTX scandal and different frauds.
However in addition to Bitcoin, what different cryptocurrencies are favored by traders? Two stand out of the gang: Ethereum and Tether.
Ethereum and Tether maintain 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, reminiscent of USD Coin or Solana. Even Binance Coin misplaced share, sitting at 4.31% presently.
The chart exhibits that solely two cryptocurrencies maintain tempo with Bitcoin – Ethereum and Tether. Ethereum’s share remained secure even throughout the bearish market of 2022. The identical with Tether.
The three comprise about 75% of the entire cryptocurrency market capitalization – statistic to think about subsequent time when investing in cryptocurrency.