With the recent fluctuations in the prices of Ethereum and other pennies, Bitcoin’s share of the total value of the digital currency market has dropped below 50% for the first time since 2018.
to the the report For the first time since 2018, Bitcoin dominance, or the ratio of the value of the largest digital currency to the total value of the digital asset market, has dropped below 50%, according to data from the CoinMarketCap and CoinGecko websites. Receipt.
This ratio reached 48% in Tehran by 20:14 last night, and coincided with fluctuations in the price of ether and the registration of a new historical ceiling by this digital currency.
The total value of the Bitcoin market is about $ 1.02 trillion. The total market value of the list of 6,816 digital currencies on the Coin Gecko website is estimated at $ 2.13 trillion.
Bitcoin, the 12-year-old digital currency, has risen 88 percent since the beginning of the year and hit a new low of close to $ 65,000 in early April.
But the growth of this digital currency has recently stalled and even reached below $ 50,000. Meanwhile, traders have raised the price of other digital currencies such as the AAVE to 347 percent and the ZEC to 330 percent since the beginning of the year.
In addition, the price of ether has risen 256 percent since the beginning of this year, and the value of Dogecoin (DOGE) has increased 50 times this year alone.
The rapid rise in prices is comparable to the widespread speculation that occurred in the previous uptrend of digital currencies in 2017 and early 2018. This period is marked by a flood of coin offering events or ICOs, many of which suffered severe losses in 2018.
“In an interview with FundStrat,” David Grider, an analyst at FundStrat, said:
This is a signal that the market is riskier and the altcoins are performing better. This is a scenario we have witnessed recently and it reminds us of the middle of 2017.