This is a stellar week for cryptocurrency traders with both bitcoin and many altcoins reaching record highs based on some very strong trading volumes. The first and leading blockchain is now worth in total more than $21 billion, with the BTC/USD exchange rate above the $1300 price level.
Despite this amazing feat by bitcoin (priced higher than an ounce of gold while the threat of a hard fork is still looming over it) its dominance in the overall crypto market is in fact diminishing. This is due to the rapid rise of competing cryptocurrencies, which some bitcoin purists are calling the altcoins bubble.
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While BTC increased by about 7% over the last week, some top ten blockchain tokens by market value grew in a much greater rate. Ethereum grew over 11%, Ripple’s XRP over 8%, Litecoin about 50%, NEM (XEM) over 67% and Ethereum Classic (ETC) jumped over 57%.
For the first time ever the market cap of all cryptocurrencies is now worth $32 billion and there are now seven cryptocurrencies with a market cap of near or over half a billion USD each. Besides Bitcoin’s previously mentioned $21 billion market cap, Ethereum’s market cap is now $5 billion, Ripple’s market cap is $1.2 billion, Litecoin’s market cap is $750 million, NEM’s market cap is $470 million and Ethereum Classic’s market cap is over $450 million.
Due to this, Bitcoin’s market value dominance now stands at just 65%. And even more so, its trading volume dominance is at just about 47% with a daily trading volume of $355 million out of over $755 combined daily trading volume for all cryptocurrencies in circulation.