Report said that the combined value of all cryptocurrencies broke a new record of $1.139 trillion on February 4.
It has been reported that while long-term analysts often eye Bitcoin‘s solo chances of eating into gold’s total market cap, the combined value of all cryptos together is more competitive with the total market cap of silver, at just under $1.5 trillion.
However, having broken the $1 trillion milestones early in January 2021, the crypto market is seeing a greater distribution of growth between the top two assets in the game: Bitcoin (BTC) and Ether (ETH).
On January 7, the date of the market’s $1 trillion breakthroughs, Bitcoin dominance clocked in at 69%, versus Ether’s 13.5%. By contrast, the most recently updated data from CoinMarketCap this week has Bitcoin dominance at 62.2% versus Ether’s share at 15.6% Bitcoin.
The report said that Ether’s relatively stronger market share signals the asset’s record performance this week by having scored a new all-time high of $1,653 on February 3. On the same date, Bitcoin dominance was down to 61.6%.
Thus, soaring Ether prices have seen a corresponding increase in gas fees, with knock-on consequences for DeFi protocols, though a proposed fee and burn mechanism for Ether from Vitalik Buterin and Eric Conner has boosted the confidence of Grayscale Investments, which considers that the move if pursued, could create “a positive feedback loop for Ether’s price.”