Ethereum accelerates and decelerates the hegemony of bitcoin

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Ethereum accelerates and decelerates the hegemony of bitcoin

The acceleration of the rise of ethereum has stopped the unstoppable rise that bitcoin led in its market share. In two days his dominance dropped by nearly two percentage points.

The second largest cryptocurrency remains throughout 2023 in the backlash of the bitcoin rally. One of the most direct consequences is the growing hegemony of bitcoin in the crypto market.

At the beginning of the year, it made up 42% of the entire capitalization of cryptocurrencies. His rally increased this percentage progressively, until will reach 55% this week. This greater hegemony undermined the prominence of the second

The second largest cryptocurrency remains throughout 2023 in the backlash of the bitcoin rally. One of the most direct consequences is the growing hegemony of bitcoin in the crypto market.

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At the beginning of the year, it made up 42% of the entire capitalization of cryptocurrencies. His rally increased this percentage progressively, until will reach 55% this week. This greater hegemony has undermined the prominence of the second largest cryptocurrency. Ethereum started the year with a share of 19%, a percentage decrease up to 17% from last Wednesday.

The last two days have given a twist to this trend. Bitcoin, after reaching a peak of more than $44,000, dropped back to $43,000, a brake in contrast to acceleration of the ether. In just one week the Ethereum token jumped from $2,000 to $2,300.

The differences are widening now. In the last 24 hours the ether touched the 6% revaluation, compared to 0.6% recorded in bitcoin. The second largest cryptocurrency thus exceeded the 18% share of the crypto market, while bitcoin reduced its dominance from 55% to 53%, the result of one of the most vertical drops throughout the year in this section .

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Optimism spread in the crypto market more than bitcoin. Specifically, ethereum has emerged as another major beneficiary of the expected SEC approval of the first exchange-traded funds with physical bitcoin backing. Analysts note that if the US regulator finally approves bitcoin spot ETFs, the market will soon have its first ethereum spot exchange traded funds. Managers have already submitted their applications for this type of product.

After the beginning of the year still marked by the effects of the crypto winter, ethereum can also take advantage of the expectations of a remarkable recovery in two important parts of the evolution of the second largest cryptocurrency, the decentralized part of finance (DeFi) and that of non-fungible tokens (NFTs).

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Despite bitcoin’s lag this year, recent developments have lifted the 97% revaluation of ethereum in 2023. Reaching new highs in a year and a half its price will take the capitalization of ethereum to 285 billion dollars.