Ethereum (ETH) surpasses $ 3,000 to register a new ATH of $ 3,163
Ether (ETH) It has recently broken above $ 3,000 levels for the first time and hit a new all-time high (ATH) of $ 3,163 on Monday, according to CoinMarketCap.
According to the data available in CoinMarketCap, Ether (ETH) is up 9.90% in the last 24 hours. Ethereum coin is now trading at 3,159 as of this writing.
With altcoins moving higher, Bitcoin (BTC) is losing its dominance as the crypto market leader. Based on available data, the largest digital currency now accounts for about 47% of the total value of the $ 2.3 trillion cryptocurrency market, down from about 70% at the beginning of the year. ETH, in second place, reaches 15% and a group of others outside the first have doubled their share during the same period to 36%.
According to experts, it is not only Ethereum but other currencies that are also attracting a lot of interest. Ether (ETH), which topped $ 3,000 for the first time on Monday after quadrupling this year, has also split from the world's largest crypto asset. This is evident in the report Crypto Economy analysis recently released showing that Bitcoin's correlation with Ethereum has plummeted to 0.67%.
Bitcoin has witnessed a notable decline in its dominance of the market since the last week of March and has dropped to 48.7% at the time of writing. Bitcoin has yet to regain all the ground it lost after falling from a mid-April record of nearly $ 64,863. According to CoinMarketCap, the price of Bitcoin (BTC) is $ 58,734, equivalent to Ethereum 18.44, at the time of writing.
This scenario suggests that crypto investors are comfortable with other currencies as well. With that, the crypto industry is growing. Ether is currently in the limelight. Ethereum has been emerging for quite some time. Ethereum has just completed its Berlin hard fork at a block height of 12,244,000, which is a crucial software update for the blockchain network. The update incorporates four optimizations aimed at gas efficiency and improved safety.
Experts believe that the Berlin update, as well as the popularity of the network for financial services and crypto collectibles called NFTs, are among the factors cited for the rally.
Other cryptocurrencies on the market have also jumped. The price of Binance Coin has risen 3,469% in the last 12 months. Dogecoin, now a social media favorite touted by the likes of Elon Musk, has risen 15,000% to a market value of around $ 50 billion.