Ether Hits $3,000 as Bitcoin’s Crypto Dominance Declines

Ether Hits $3,000 as Bitcoin’s Crypto Dominance Declines

(Bloomberg) -- Bitcoin’s domination of total cryptocurrency market value is declining, suggesting room for more than one winner among digital tokens as the sector evolves.

The largest digital currency now accounts for about 46% of total crypto market value of $2.3 trillion, down from roughly 70% at the start of the year, according to tracker CoinGecko. Second-ranked Ether is up to 15% and a group of others outside the top few has doubled its share over the same period to 36%.

Bitcoin remains the biggest cryptocurrency but the momentum in other tokens is drawing increasing interest, such as Ether, which breached $3,000 for the first time Monday after quadrupling this year. Crypto proponents argue investors are getting more comfortable with a variety of tokens, while critics contend the sector may be in the grip of a stimulus-fueled mania.