Crypto Market Sets New High as Bitcoin Dominance Drops to Historic Low

While the cryptocurrency market embraces the new year with a major recovery, setting a new all-time-high record at $667 billion, data shows the world’s largest cryptocurrency by market cap may not be counted as a major contributor.

According to data site CoinMarketCap, the entire cryptocurrency market has recovered gradually over the last week from the epic correction on Dec. 22 last year, which saw the total cap plunge more than 30 percent from around $648 billion to as low as $422 billion.

Today’s chart shows that the market is seeing a nearly $670 billion capitalization while ethereum also reaches its all-time-high today over $900, CoinMarketCap’s data shows. Meanwhile, XRP, the native token of the remittance network firm Ripple, is still trading above the historic $2, holding onto its recent position as the second largest cryptocurrency by trading volume.

Yet perhaps what’s even more notable is that along side with the market momentum, bitcoin’s dominance has dropped to an all-time-low, currently accounting for 35.6 percent of the entire marketplace, according to CoinMarketCap.

Indeed, the dominance of the world’s first cryptocurrency has seen a rather turbulent movement in 2017, having decreased sharply from over 80 percent to 37.46 percent in June amidst the growth of ethereum, followed by a six-month bouncing back to 65 percent around early December.

While bitcoin’s price is recovering, sliding past $14,600 to a recent high, its market share has continuously dropped.

Hot air balloon image via CoinDesk archive

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Source: http://coindesk.com

CoinDesk is a news site specializing in bitcoin and digital currencies. Owned by Digital Currency Group.

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