Altcoins now account for more of the overall cryptocurrency

market capitalization than ever, edging Bitcoin towards under 50 percent control. According to data from Coinmarketcap, Bitcoin’s dominance currently stands at just 59.1 percent, the lowest it has ever been. A fresh drive to boost altcoins, especially those in the top ten, has added to an already booming market. Various factors have influenced altcoins’ rise since the start of the year when Bitcoin’s market dominance was 87 percent. The most recent reshuffle appears mostly due to Ethereum (ETH), which in the last week alone posted a surge in market cap from $4.5 bln to $7.5 bln. Its price topped $80 as of press time.

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Ethereum Chart

Its sister currency Ethereum Classic (ETC) has repeated the success, albeit on a smaller scale, rising from a $240 mln to $600 mln cap since April 26. As Cointelegraph reported last week, increased excitement among traders regarding ETC is stemming from the launch of Barry Silbert’s dedicated trading fund. ETH meanwhile appears to be achieving new highs from investor confidence in market startups such as Gnosis, whose token sale became the most successful ever seen in cryptocurrency market.

The US Securities and Exchange Commission (SEC) is further reviewing whether or not the first-ever ETH exchange-traded fund should be legally allowed to enter the market. Nonetheless, Bitcoin continues to forge high water marks of its own, having reached a new high on Coinbase at the weekend of $1425. The SEC is also currently reevaluating its decision to reject the Winklevoss twins’ Bitcoin ETF.

Chuck Reynolds
Contributor