- Bitcoin accounts for round 48% of the overall cryptocurrency market capitalization
- The share rises to 75% if we embody Ethereum and Tether
- Share of Different Cryptocurrencies Decreased Regardless of Newest Cryptocurrency Market Rally
The cryptocurrency market rebounded in 2023 and recovered from the beginning of the buying and selling 12 months. Because of this, Bitcoin is up +77.60% year-to-date, a outstanding efficiency in simply 4 months.
Different cryptocurrencies have taken the lead from Bitcoin. As such, the whole market has rebounded, as evidenced by the overall crypto market capitalization. On the finish of 2022, it fell to $755 billion following a bear market, however is now at $1.16 trillion.
Which means traders are regaining 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: Ethereum and Tether.
Ethereum and Tether preserve tempo with Bitcoin
The chart above reveals the overall crypto market cap dominance by proportion. Unsurprisingly, Bitcoin leads with 48.58%.
Its share fell from 40% on the finish of 2023, to the detriment of different cryptocurrencies, resembling USD Coin or Solana. Even Binance Coin has misplaced shares, presently sitting at 4.31%.
The chart reveals that solely two cryptocurrencies preserve tempo with Bitcoin – Ethereum and Tether. Ethereum’s share remained secure even through the bear market of 2022. The identical with Tether.
The three make up round 75% of the overall cryptocurrency market cap – a great stat to contemplate subsequent time when investing in cryptocurrency.