Ether Hits $3,000 as Bitcoin’s Crypto Dominance Declines

 Bitcoin’s domination of total cryptocurrency market value is declining as its next-biggest rival Ether reaches the $3,000 milestone.

The rise of Ether suggests there’s room for more than one winner among digital tokens as the sector evolves. Bitcoin now accounts for about 46% of total crypto market value, down from roughly 70% at the start of the year, and Ether makes up 15%, according to tracker CoinGecko.

Bitcoin remains the biggest cryptocurrency but the momentum in other tokens is drawing increasing interest. Proponents argue investors are getting more comfortable with a variety of tokens, while critics contend the sector may be in the grip of a stimulus-fueled mania.

Cryptocurrencies were broadly higher on Monday. Bitcoin climbed above $58,000, while Ether jumped 6% to $3,151 as of 8:17 a.m. in New York.

“Ethereum is rising and not much seems to be in its way,” Edward Moya, a senior market analyst at Oanda Corp., wrote in a note Friday, adding that other tokens were also seeing “fresh interest.”

The current distribution of market share also reflects an April shakeout in the cryptocurrency sector. Bitcoin has yet to recover all the ground it lost after tumbling from a mid-April record of almost $64,870.

Last month’s listing of crypto exchange Coinbase Global Inc. in the U.S. is the latest sign of how more investors are embracing the sector despite risks from high levels of volatility and expanding regulatory scrutiny.

Ether is currently occupying the limelight. An upgrade of the affiliated Ethereum blockchain as well as the network’s popularity for financial services and cryptocollectibles are among the factors cited for the rally. Evercore ISI strategist Rich Ross has set a target of $3,900 for the token.

Other cryptocurrencies have jumped too. The price of Binance Coin is up 3,460% over the past 12 months, according to CoinGecko. Dogecoin, a token started as a joke in 2013 but now a social-media favorite touted by the likes of Elon Musk, has surged 15,000% to a market value of around $50 billion.

Source:-https://finance.yahoo.com/news/ether-hits-3-000-bitcoin-021316826.html

RSS Latest Press Release

  • Dômes Clim Services Delivers Consistently High Quality Plumbing Solutions
    Clermont-Ferrand, France – Plumbing repair specialist Dômes Clim Services is quickly becoming the go-to solutions provider in Puy-de-Dôme department for commercial and domestic clients thanks to its high-spec services.   As a well-regarded plumbing repair and installation company, it always puts customers first in delivering a host of options and to minimize the impact on their lives […]
  • Smart Toilet Market Size to Reach $15181.4 Million by 2027
    Global Smart Toilet Market is valued at USD 7452.1 Million in 2020 and Anticipated to reach USD 15181.4 Million by 2027 with a Growing CAGR of 10.7% over the forecast period. Global Smart Toilet Market: Global Size, Trends, Competitive, Historical & Forecast Analysis 2021-2027, Rising adoption of innovative hygiene technologies such as UV lighting, supportive […]
  • Ideal Keepsake Boxes Add an Extra Touch to Saving Beautiful Memories
    Dallas, TX: November 29, 2021 – Family business Wayfaren is delighted to announce the release of its beautifully understated Keepsake Boxes - an ideal gift for loved ones to safely store treasured memories.   Their Keepsake Boxes, available in either maple or walnut, are thoughtfully designed and meticulously crafted for those who don't want to sacrifice style […]
  • Guru Printers Provides Exceptional Service in Sheet Labelling
    Los Angeles: November 29, 2021 – When it comes to branding your business in the right way, Guru Printers have developed a series of eye-catching solutions to enable companies to stand out from competitors.   With over a decade of printing experience, the Los Angeles-based company has created a robust line of printing services to meet […]