Bitcoins share of total cryptocurrency market value has fallen to its lowest level in two years after strong rallies from some of the industrys biggest altcoins, including XRP and binance coin. The market dominance of bitcoin, or the largest cryptocurrencys value as a share of the overall market, has dropped to about 55, the lowest since April 2019, according to cryptocurrency research firms Messari and CoinGecko. Thats down from about 70 at the start of the year.
The decline iwas driven in recent weeks by powerful rallies in the likes of binance coin BNB and XRP XRP, since bitcoins market value has held steady at around 1 trillion or slightly above. The trend offers a reminder of just how much money is flowing these days into digital assets beyond bitcoin, even as the big exchange Coinbase prepares this week for a public stock listing aimed at traditionalmarket investors.
XRP, the digital token used in Ripple Labs payment network, doubled in the seven days through Sunday, its best weekly performance in more than three years. The market value is between 50 billion and 140 billion, depending on how one calculates it. Meanwhile, ether ETH, the native cryptocurrency of the Ethereum blockchain and the secondbiggest overall, recently climbed to a new alltime near 2,200, according to CoinDesk 20 data. It has a market capitalization of about 250 billion, as prices nearly tripled this year.
Filecoin FIL has climbed sevenfold this year to a market cap around 11 billion, and…