Price rallies for cryptocurrencies besides bitcoin (BTC) has helped push the digital-asset industry’s total market capitalization to about $2 trillion, doubling in just a few months.
These “alternative cryptocurrencies,” also known as altcoins, include ether (ETH) along with bittorrent (BTT), xrp (XRP), tron (TRX) and stellar (XLM). They have all logged double-digit percentage growth in the past 24 hours, according to data from Messari.
Prices for bitcoin have doubled this year, for a market value of $1.1 trillion, but the rally has paused in recent weeks, allowing altcoins to seize the market leadership. Bitcoin’s market dominance, or its share of the overall industry capitalization, has slid to about 57%, from around 73% at the start of the year, according to TradingView.
Ether, the native cryptocurrency of the Ethereum blockchain and the second-biggest overall, recorded an all-time high near $2,100 last week. The digital asset has benefited from speculation that the Ethereum blockchain could see growing use as the network of choice for decentralized finance, or DeFi, consisting of automated, blockchain-based software protocols that might someday replace banks and Wall Street trading firms.