- 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 despite the latest cryptocurrency market rally
The cryptocurrency market bounced in 2023 and rallied right from the start of the trading year. As a result, Bitcoin is up +77.60% YTD, a remarkable performance in just four months.&
Other cryptocurrencies took the lead from Bitcoin. As such, the entire market bounced, as reflected by the total crypto market capitalization. By the end of 2022, it dropped to $755 billion following a bearish market but now reached $1.16 trillion.&
It means that investors regain confidence in the crypto space after the FTX scandal and other frauds.&
But besides Bitcoin, what other cryptocurrencies are favored by investors? Two stand out of the crowd: Ethereum and Tether.&
Ethereum and Tether keep pace with Bitcoin
The chart above shows the total crypto market capitalization dominance in percentages. Unsurprisingly, Bitcoin leads with 48.58%.&
Its share rose from 40% at the end of 2023, in the detriment of other cryptocurrencies, such as USD Coin or Solana. Even Binance Coin lost share, sitting at 4.31% currently.&
The chart shows that only two cryptocurrencies keep pace with Bitcoin &- Ethereum and Tether. Ethereum’s share remained stable even during the bearish market of 2022. The same with Tether.&
The three comprise about 75% of the total cryptocurrency market capitalization &- a good statistic to consider next time when investing in cryptocurrency.&
The post Ethereum and Tether – the only cryptocurrencies keeping pace with Bitcoin appeared first on CoinJournal.
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