Crypto Market Wakes Up to a Surging Market Cap

The dominance of Bitcoin might become a tale of the past as altcoins continually gather momentum to unset the top digital asset. The cryptocurrency market cap is now sitting a little shy of $2 trillion following Ethereum’s boost. 

Foremost digital asset Bitcoin gained an impressive four percent to trade at $40,861 on Coin Market Cap. Having recently traded below the $40k mark, the digital asset recorded an upswing to $41k before taking a few steps down. Bitcoin’s dominance now rests at 46.58 percent. 

Source: ByBit

Altcoin’s Momentum 

Alternative cryptocurrencies are embracing the bulls now. Ethereum leads the pack after the London hard fork upgrade accelerates its performance. Ether now trades above $2,700 at the time of this report, upping by 5.11 percent. 

Binance Coin (BNB) took noticeable strides at 2.8 percent. Cardano and XRP also went up by 1.44 percent and 2.55 respectively. Dogecoin on the other hand sprung by about 1.7 percent.

THETA and Internet Computer (ICP) are the two top gainers of the crypto market. THETA gained over 16 percent and ICP by about 13 percent.

Ethereum’s Rallies Accelerate 

The second-largest cryptocurrency is in fiesta mode. The recent major fork upgrade has seen it record over 20 percent increase over the week edging BTC in the process. The value of the crypto is rocketing towards $3,000 which explains the boost in the cryptocurrency market cap. 

Ethereum now sits with a dominance ratio of 19.4, trailing hotly behind Bitcoin. The prediction from several cryptocurrency analysts that the digital asset could unseat Bitcoin might soon be a reality. 

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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