- Bitcoin makes up about 48% of the total cryptocurrency market capitalization
- The share rises to 75% if we include Ethereum and Tether
- Other cryptocurrencies’ share declined despite the latest cryptocurrency market rally
The cryptocurrency market bounced in 2023 and rallied right from the start of the trading year. As a result, Bitcoin is up +77.60% YTD, a remarkable performance in just four months.
Other cryptocurrencies took the lead from Bitcoin. As such, the entire market bounced, as reflected by the total crypto market capitalization. By the end of 2022, it dropped to $755 billion following a bearish market but now reached $1.16 trillion.
It means that investors regain confidence in the crypto space after the FTX scandal and other frauds.
But besides Bitcoin, what other cryptocurrencies are favored by investors? Two stand out of the crowd: Ethereum and Tether.
Ethereum and Tether keep pace with Bitcoin
The chart above shows the total crypto market capitalization dominance in percentages. Unsurprisingly, Bitcoin leads with 48.58%.
Its share rose from 40% at the end of 2023, in the detriment of other cryptocurrencies, such as USD Coin or Solana. Even Binance Coin lost share, sitting at 4.31% currently.
The chart shows that only two cryptocurrencies keep pace with Bitcoin – Ethereum and Tether. Ethereum’s share remained stable even during the bearish market of 2022. The same with Tether.
The three comprise about 75% of the total cryptocurrency market capitalization – a good statistic to consider next time when investing in cryptocurrency.