Bitcoin’s dominance over the total value of the cryptocurrency market is declining as its next biggest rival, Ether, hits the $ 3,000 milestone, far surpassed this Monday as it crossed the 3,100 threshold.

The rise of ether suggests that there is room for more than one winner among the tokens digital as the industry evolves. Bitcoin now represents around 46% of the total value of the cryptocurrency market, which stands at $ 2.3 trillion, up from 70% at the beginning of the year, according to tracker CoinGecko. Ether has risen to 15% of total capitalization and a bevy of other cryptocurrencies outside of the top spots have doubled their share to 36%.

Bitcoin is still the largest cryptocurrency, but the momentum of others tokens is attracting growing interest. Cryptocurrency advocates argue that investors are becoming more comfortable with a wide variety of tokenswhile critics argue that the industry may be in the grip of a stimulus-fueled craze.

“Ether is going up and there don’t seem to be many obstacles in its way,” writes Edward Moya, a senior market analyst at Oanda Corp. in a note on Friday, adding that other tokens were also seeing “new interest.”

The current distribution of market share also reflects an April shakeup in the cryptocurrency sector. Bitcoin has yet to make up all the ground it lost after falling from a record high of nearly $ 64,870 in mid-April.

Ether ‘eats’ bitcoin in early 2021. Source: Bloomberg

The April IPO of cryptocurrency exchange Coinbase is the latest sign of how more investors are embracing the sector despite risks stemming from high levels of volatility and increasing regulatory scrutiny.

Ether is currently in the limelight. An improvement of the blockchain Affiliated with Ethereum, as well as the popularity of the network for financial services and cryptocurrencies, are some of the factors cited for the rally. Evercore ISI strategist Rich Ross has pinned a price target of $ 3,900 for ether.

Other cryptocurrencies have also made the leap. Binance Coin price is up 3,460% in the past 12 months, according to CoinGecko. Dogecoin, a token that started as a joke in 2013 but is now a social media favorite promoted by the likes of Elon Musk, has risen 15,000% to reach a market value of about $ 50 billion. So far this year, dogecoin accumulates a rise of more than 6,000%, according to data from CoinMarketCap.

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