Ethereum's market capitalization has dominated all other altcoins

ETH has achieved an overall market capitalization above the top 8 altcoins combined for the first time in 24 months.

The market capitalization of the second oldest cryptocurrency, Ethereum, is currently over $217 billion. This means that this value increased ETH dominance in the market to around 19.42%. The decisive advantage of Ethereum over competitors was at such a high level for the last time at the stage of February 2021. Moreover, the market value of the second oldest digital currency slightly exceeded the combined market capitalization of the 8 largest altcoins.

Ethereum's market capitalization dominated the rest of the altcoins

The dominance of the second largest digital currency has recently increased to 19.42% of the altcoin market share. It is worth being aware that with the exchange rate around USD 1.8 thousand for one coin, the total market capitalization of ETH currently exceeds USD 217.9 billion. In addition, based on data from the CoinMarketCap platform, the share of the second largest cryptocurrency in the market is currently greater than the combined share of the 8 largest altcoins combined.

With a current valuation of $1,800 per coin, ETH is ahead of Tether (USDT), Binance Coin (BNB), Ripple (XRP), USD Coin (USDC), Cardano (ADA), Solana (SOL), Dogecoin (DOGE) and Tron (TRON). The total market share of all the above-mentioned digital currencies is 19.21%, according to data from June 18 this year.

Traders have begun the process of abandoning some of the altcoins listed above, primarily due to the harsh crackdown by the US SEC. This regulator in a series of its statements listed individual of the indicated altcoins as unregistered securities in lawsuits against leading cryptocurrency platforms. The attention of investors did not escape the fact that the SEC did not include ETH in its lawsuits. Moreover, during one hearing held over the course of the year, SEC chairman Gary Gensler did not want to comment on Ethereum in any way.

BTC is also expanding its dominance in the digital currency market

It is worth mentioning a statement that took place in 2018 during a conference organized by MIT. Then one of the former SEC officials - William Hinman expressed the view that ETH is not a security. However, there have been some changes since then. This is because now, after the change of the consensus mechanism from Proof of Work (PoW) to Proof of Stake (PoS), this project may also be at risk of repression from the US regulator.

As things stand, only Bitcoin remains safe, as it has officially been recognized as a sufficiently decentralized asset to become a commodity. At this point, it should be added that due to the conflict between the US regulator and a number of popular cryptocurrency platforms, BTC's dominance in the digital currency market increased to 48.11% at the end of last week.

It is easy to see that there is a strong rebound on the charts of the largest cryptocurrencies. The BTC rate climbed over 28.9 thousand dollars. The growth of this digital currency in the daily range exceeded 7%. At the same time, ETH increased its value by nearly 5%.