Ethereum touches $3,000 and Bitcoin’s market value declines

The domination of Bitcoin in the cryptocurrency market value is declining as Ether reaches the $3,000 milestone.

As per news source, Bitcoin records about 46% of total crypto market value of $2.3 trillion which is down from roughly 70% compared to the start of the year. Second-ranked Ether is up to 15% and a group of others outside the top few has doubled its share over the same period to 36%.

Bitcoin remains the biggest cryptocurrency. But the momentum in other tokens is drawing increasing interest, such as Ether, which breached $3,000 for the first time after quadrupling this year.

“Ethereum is rising and not much seems to be in its way,” Edward Moya, a Senior Market Analyst at Oanda Corp., wrote in a note Friday, adding that other tokens were also seeing “fresh interest.”

Ether is currently occupying the limelight. An upgrade of the affiliated Ethereum blockchain as well as the network’s popularity for financial services and crypto collectibles are among the factors cited for the rally.

Evercore ISI strategist Rich Ross has set a target of $3,900 for the token.

Other cryptocurrencies have jumped too. The price of Binance Coin is up 3,460% over the past 12 months, according to CoinGecko. Dogecoin, a token started as a joke in 2013 but now a social-media favorite touted by the likes of Elon Musk, has surged 15,000% to a market value of around $50 billion.