Bitcoin dominance fell below 50% for the first time since 2018, according to data from CoinMarketCap and CoinGecko. The market value of bitcoin is about $1.02 trln, and the total cryptocurrency market capitalization is $2.13 trln according to CoinGecko, where the total number of digital coins is 6,816.
Bitcoin is up 88% this year, hitting a record level just under $65,000 in early April. The rally recently stalled and the price of the first cryptocurrency dropped to around $55,000. As a result, traders have raised prices for other cryptocurrencies. For example, the AAVE Aave token has grown by 347% since the beginning of the year, ZEC Zcash by 330%, Ethereum by 256%, and Dogecoin has grown 50 times in 2021.
The rapid rise in prices raises comparisons to the rampant speculation that took place during the last major cryptocurrency bull run in 2017 and early 2018, punctuated by so-called Initial Coin Offerings (ICOs), many of which gave way to steep losses later in 2018.