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December 5, 2022
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Ethereum hits ATH in price while crypto market value hits $3T

The price of Ethereum (ETH), the second largest cryptocurrency by market capitalization, continues its record run and has surpassed $4,700 for the first time. Ethereum has been rebounding over the past month, with the majority of the community increasingly optimistic about the future. Generally, the entire digital currency market is seeing big recent gains as the year ends.

Bitcoin (BTC) set a new all-time high in October, above $66,000. In addition, BNB’s Binance, Solana, Cardano, and XRP also achieved double-digit percentage gains. As a result of these recent developments, the total value of the combined crypto market now reaches $3 trillion. The crypto market limit reached that value on October 20th and has consolidated even more since then. That’s a 14.5% increase in less than three weeks from an all-time record of $2.62 trillion recorded in May.

Just three days ago, Ethereum struggled temporarily to record gains on morning trading. In addition, digital currency dropped 0.59% and returned to the $4,500 level. However, analysts noted that it was necessary to support a run at the $4,700 level – which appears to be the case today.

Ethereum Chart – TradingView

Meanwhile, Bitcoin is once again consolidating above $65,000 after being stuck since Oct 28th. The leading digital currency now looks set to update its historic record of $66,000 as buying interest rises across the board. Despite BTC’s formidable price gains over the past two years, the dominance of the prominent cryptography market has fallen by an impressive 42.8%. In early September 2019, it recorded a maximum of 70.8%.

Bitcoin and Ethereum Tussle so far: price, market share, functionality

As it stands, Bitcoin is still more than double the value of its closest rival, Ethereum, in terms of market share. The former has a market share of $1.22 trillion or 40.5%, against Ethereum’s $560 billion or 18.6%. However, the combined capitalization of all other digital currencies is $1.24 trillion or 40.9%.

The Ethereum ecosystem is also spreading its tentacles across the industry as more third-party applications and projects emerge. The Blockchain currently serves as the biggest, most versatile and most dominant. Additionally, according to Messari’s Ethereum tracker, the ETH ecosystem represents a market capitalization of $829 billion or 27.6% domain. The scanner currently tracks 209 projects that call the network home.

So far, Ethereum was trading at $4,726, while BTC was changing hands at $65,866.

The Rise of Digital Assets

Digital assets are quickly becoming popular in many industries, from finance to sports and entertainment. Leading financial institutions, such as JP Morgan, are starting to provide exposure in one form or another to clients. In addition, celebrities like Mariah Carey and Katy Perry are also lending their brands to the marketing of digital assets – like NFTs and crypto. Lastly, professional sports organizations and brands from Formula 1, football and the NBA are partnering with cryptogenic entities.

Source: CoinSpeaker

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