Ethereum has stopped following Bitcoin around and is slowly starting to pull its weight- as it is now setting market rallies while breaking records. In the early hours today, the all-time high of the currency was set at $2,197. The price of Ether hasn’t really gone down since that point- currently, the cryptocurrency has been trading at a value of around $2,171. The market cap of the firm has been set at $250 billion- which means Ethereum makes up an eighth of the entire crypto market at $2.07 trillion.
The current demand for Ether has been so massive that the average transaction fee for the cryptocurrency has jumped from a value of $13 to $22 over 24 hours.
Bitcoin Is Playing Second Fiddle To Ethereum
Bitcoin went past the value of $60k today for the seventh instance. Looking at the current increase of the cryptocurrency, Bitcoin seems to be moving towards its previous all-time high of around $61,683 on the 13th of March for this year. The recent performance of Bitcoin currently is indicative of how the crypto markets are leveling the fields of those playing in it.
The previous weekend saw the dominance of Bitcoin fall down to 58.47% from the previous high of 72% in December 2020. Currently, the dominance of Bitcoin in the cryptocurrency market has fallen even more- to 55.16%.
Nonetheless, there were quite a few bullish indications for Bitcoin during the entire week. Meitu, the tech giant from China has already joined MicroStrategy and Tesla last Thursday- after which they announced that they were buying around $10 million for the currency. This takes their total holdings in the cryptocurrency to $100 million.
BNB or Bitcoin Coin has also increased to 12.45% over the last 1 day to reach a high of $487. As it can be understood, the market is surging forward at a tremendous pace, and Ethereum is spearheading the entire project.