Ethereum Surpasses All Altcoins in Combined Market Cap for the First Time in Over Two Years

Recent data shows Ethereum has outpaced all altcoins for the first time since February 2021. A notable crypto trader, @TXMCtrades, shared a snapshot showing that Ethereum market capitalization exceeded all altcoins, including DOGE, SOL, and ADA.

The screenshots showed Ethereum has a market cap of $213.8 billion. At press time, the Ethereum market cap currently stands at $222 billion, representing 38% of the total altcoin market cap of $57.19 billion.

Why Ethereum Dominate Altcoin Market Cap

Several factors could be responsible for Etherem’s market cap dominance. One is that Ethereum is the forerunner among altcoins and the largest Smart Contract platform.

Ethereum was the first blockchain network to implement smart contracts and remains a reliable and secure Smart Contract platform. Its long-standing reliability in hosting smart contracts runs nearly 100%, an attractive quality for projects seeking to leverage its integrity. 

Therefore, the Ethereum network continues to expand and anchor more projects. Ethereum hosts top projects like Aave and Maker that manage billions of dollars in crypto assets. Furthermore, Ethereum’s security and decentralization allow it to host numerous decentralized Finance (DeFi) and NFT projects. 

According to DeFiLlama data, all Ethereum DeFi protocols combined managed over $25.2 billion in assets as of June 20, representing over 50% of the total value locked (TVL) of the entire DeFi space.

Ethereum’s network activity grows higher, with increased community engagement through validators. The high validator counts suggest Ethereum is the number of nodes operated globally. 

On-chain data shows about 623,096 live validators who have staked 32.18 ETH, on average, to secure the Ethereum network, validate blocks, and receive ETH rewards.

 Running validator nodes across the globe boosts Ethereum network security, allowing users to pay gas fees in ETH during on-chain transactions. An aggregation of these gas fees from the growing validator list across the globe contributes Ethereum market cap.

Bitcoin Dominance Pushes Higher

However, while Ethereum’s market share increases, Bitcoin retains its dominion. The number one crypto asset keeps growing by market cap and value. 

Bitcoin’s remarkable recovery today pushed the total market cap by 8.03%. The coin has been the forerunner in the crypto market, outranking all cryptocurrencies by market cap, with ETH closely tailing behind. 

As of June 20, Bitcoin dominated the market with over $541.9 in market cap. That represents almost 50% of the total crypto market capitalization, currently capped at $1.1 trillion following CoinMarketCap data. Bitcoin’s market cap is up 11.57%, with a 107.69% increase in trading volume over the past 24 hours.

BTC’s 24-hour price has increased by 11.70% and trades at $29,853 at the time of writing, with a 7-day gain of 15.22%. Bitcoin’s market cap currently stands at $580 billion, 160% higher than ETH’s current market cap of $222.67 billion. 

BTC remains the only asset approved as a commodity in the United States, while the SEC labeled several altcoins as unregistered securities. Bitcoin dominance could push even higher should the SEC approve BlackRock’s spot BTC ETF.