Ethereum Outperforms Altcoins
As of June 20, Bitcoin dominated the cryptocurrency scene with a market cap of over $541.9 billion. It represents nearly 50% of the total crypto market cap which is currently at $1.1 trillion according to CoinMarketCap data.
Ethereum’s market capitalization can be attributed to several factors such as its first-mover advantage and being one of the longest-standing platforms operating with high reliability nearing 100%. The platform was also among the first to implement smart contractsSponsored Product.
Besides its technical advantages and longevity in operation, Ethereum’s decentralization and security have made it an anchor for most decentralized finance (DeFi) and non-fungible token (NFT) activity. As of June 20th data from DeFiLlama shows that Ethereum’s DeFi protocols cumulatively manage over $25.2 billion of assets, representing over 50% of DeFi’s total value locked (TVL).
The high level of community engagement through validator count means Ethereum is secured by nodes operated across the globe. On-chain data shows that there are 623,096 live validators who have staked an average of 32.18 ETH to secure the network and validate Ethereum blocks in order to receive ETH rewards.
Bitcoin Dominates Crypto
While Ethereum’s market share increases, Bitcoin continues to dominate the crypto scene and increase in value. As it edges higher above the $27,500 level on June 20th, its dominance stands at around 49.9%. Earlier today, on June 20th, Bitcoin’s dominance rose above 50% for the first time in two years.
In addition to its dominant position in the market, Bitcoin has also received validation as a property and commodity asset in the United States. This endorsement has supported its prices while altcoins like Polygon (MATIC) and Cardano (ADA) experienced double-digit losses following allegations from the Securities and Exchange Commission that they are “unregistered securities.”
Feature Image From Canva, Chart From TradingView
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