A lot of cryptocurrencies are seeing major value appreciations right now. With a lot of focus on Bitcoin and Ethereum, one tends to overlook everything else. However, it is evident the demand for cryptocurrencies continues to surge. As of right now, the total market cap is heading toward US$40bn. That is quite a significant milestone, even though Bitcoin’s dominance continues to dwindle.
Exciting Times For Cryptocurrency
The past few weeks have been incredibly bullish for cryptocurrency. The total market valuation continues to increase on a yearly basis. Bitcoin’s value goes up every day, but so is the value of most altcoins. In fact, the entire top 7 of cryptocurrencies have seen increases over the past 24 hours. Monero is the only major altcoin to lose 0.47%, albeit that is almost negligible at this stage.
It is hard to tell what is driving the demand, though. Cryptocurrency investors are diversifying portfolios, which is a positive development. There is no reason to put all eggs in the same basket. Moreover, none of the main cryptocurrencies are competing with one another either. Ethereum focuses on blockchain development and Ripple is a banking solution. Litecoin complements Bitcoin. Dash provides privacy, whereas Monero focuses on anonymity. All of these currencies try to do something differently.
Things are looking very interesting right now. One ETH is worth over US$81 for the first time. Ripple’s individual native token value surpassed the US$0.05 mark. Litecoin is well underway to head to US$17. Dash is climbing back to the US$100 mark as well. All of those numbers seemed virtually impossible to achieve just a year ago. We have come a very long way since that time, to say the least. It will be interesting to see where things head next.
Bitcoin Dominance Wanes Further
Anyone looking to invest in cryptocurrency has a tough decision to make. Bitcoin’s market cap dominance dipped below 60% for the first time in ages. This goes to show people are waking up to the potential provided by these altcoins. It is no longer just about Bitcoin, which is a surprisingly positive development. After all, Bitcoin will always be a major cryptocurrency, but it is not suited to do everything the ecosystem has to offer.
Even though Bitcoin;’s dominance is waning, the currency should not be disregarded. One Bitcoin is worth over US$1,365. That is an all-time high for the popular cryptocurrency. Even with a less dominant presence in the market, Bitcoin is rocketing upward over the past few months. There is no telling where this will end. Very exciting times to be involved and invested in cryptocurrency, that much is certain.