Dominance of Ethereum in the cryptocurrency market reaches 21%

Ethereum, the world’s second-largest digital currency, saw a solid bullish rally on Friday later ETH moved the price level of $3,980, the peak level since May 2021. Ethereum is presently looking at its all-time high of $4,170.

The overall market cap of ETH soared upstairs $460 billion on Friday

As per Coinmarketcap, the newest rally in ETH is triggering a sharp flow in the total crypto market supremacy of ETH. The digital asset currently accounts for around 21% of the overall crypto market cap.

Instead, Bitcoin saw a decrease in its total share of the crypto market as BTC’s supremacy touched 41%. Ethereum is now up by further than 25% in the previous seven days. The overall market cap of ETH was greater than before by more than $100 billion this week.

Market Analyst at eToro, Simon Peters, said,

“ETH is surging today and looks close to breaching the $4,000 level. This rally takes it closer to ETH’s all-time high of $4,177 set in mid-May this year. Often, other than general market sentiment, it can be hard to identify why a particular asset is rising in value, as momentum can carry values higher. But in the case of ether (ETH) right now, a number of factors are creating significant upward pressure on the price of the coin. Firstly, the number of transactions happening on the Ethereum network is increasing again, but perhaps more significantly the gas being used on the network is near all-time highs,”

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