The total value of all cryptocurrencies broke a new record, approaching $ 1.139 trillion at 08.50 UTC on February 4. While long-term analysts often look at the individual possibilities of Bitcoin to determine the total market value of gold, the total value of all cryptocurrencies combined is now more competitive with the total market value of silver, which is just under $ 1.5 trillion.
After breaking the $ 1 trillion barrier in early January 2021, the cryptocurrency market today is seeing a further distribution of growth between the game’s two highest assets: Bitcoin (BTC) and Ether (ETH). On January 7, the trillion dollar market entry date, Bitcoin registered a dominance of 69%, compared to 13.5% for ether. On the other hand, the latest updated CoinMarketCap data this week shows that Bitcoin dominates at 62.2% versus a 15.6% share of Ether. Bitcoin
Ether’s relatively stronger market share indicates record performance for the asset this week after hitting a new full high of $ 1,653 on February 3. On the same day, Bitcoin’s dominance fell to 61.6%.
At the time of writing, Ether is up 6% on the day to $ 1,623, while Bitcoin is up 3.5% to $ 37,142. Higher Ethereum prices have led to a similar increase in gas prices with indirect implications for DeFi protocols – although Vitalik Buterin and Eric Conner’s proposed charging and burning mechanism has increased the confidence of Grayscale Investments, which believes that this step, if taken, could create “A positive feedback loop at an incredible price.”
Market analysts also this week outlined the bulls’ current incentives to hit the $ 40,000 bitcoin target, including the total open interest rate on $ 1 billion bitcoin options expiring tomorrow.