Blog

• Bitcoin makes up about 48% of the total cryptocurrency market capitalization
• The share rises to 75% if we include Ethereum and Tether
• Other cryptocurrencies’ share declined regardless of the newest cryptocurrency market rally

The cryptocurrency market bounced in 2023 and rallied proper from the begin of the buying and selling 12 months. As a consequence, Bitcoin is up +77.60% YTD, a outstanding efficiency in simply 4 months. 

Other cryptocurrencies took the lead from Bitcoin. As such, the whole market bounced, as mirrored by the total crypto market capitalization. By the finish of 2022, it dropped to $755 billion following a bearish market however now reached $1.16 trillion. 

It implies that traders regain confidence in the crypto area after the FTX scandal and different frauds. 

But in addition to Bitcoin, what different cryptocurrencies are favored by traders? Two stand out of the crowd: Ethereum and Tether. 

Ethereum and Tether hold tempo with Bitcoin

The chart above exhibits the total crypto market capitalization dominance in percentages. Unsurprisingly, Bitcoin leads with 48.58%. 

Its share rose from 40% at the finish of 2023, in the detriment of different cryptocurrencies, corresponding to USD Coin or Solana. Even Binance Coin misplaced share, sitting at 4.31% at the moment. 

The chart exhibits that solely two cryptocurrencies hold tempo with Bitcoin – Ethereum and Tether. Ethereum’s share remained secure even throughout the bearish market of 2022. The similar with Tether. 

The three comprise about 75% of the total cryptocurrency market capitalization – a superb statistic to take into account subsequent time when investing in cryptocurrency.