It’s been a wonderful year for crypto-asset holders this 2021. The explosion of the NFT craze, the adoption of Bitcoin in El Salvador, and the release of many new platforms has taken the crypto market to new levels.
Bitcoin and Ethereum had an incredible summer, but this year was not only focused on just these two coins. Despite Bitcoin more than tripling its previous all-time high, holders have opted to buy other digital currencies as well.
Bitcoin dominance is a statistic used by enthusiasts which shows how much Bitcoin is held compared to other coins. In early 2017, dominance was at 90%. Then came the ICO craze where many projects appeared with their own tokens. One year later and its dominance had dropped to a low of 37%. As many tokens failed and the market crashed, it rose again to 70%.
Now with NFTs and thousands of digital currencies to choose from, dominance is again near its low, currently standing at 47%. Projects like Doge, Shiba, and Axie Infinity have all taken the spotlight and given their holders incredible gains.
The rise of these cryptocurrencies has made the total market cap increase. The current market cap now sits at $2.6tn beating its previous high of $2.4tn. This amount puts the cryptocurrency market cap higher than the market cap of Apple Corporation.
Many believe the rest of the year is going to be positive for Bitcoin and other cryptocurrencies. The NFT market has yet to slow down and new projects continue to sell out.
Many speculate that Bitcoin will go on another run due to its recent adoption in El Salvador and the release of the Bitcoin ETF.
It is a very exciting time to be in the digital currency space and everyone is excited to see what the rest of this year holds.