The cryptocurrency market appears to be starting the new year off by cementing a recovery.
At press time, the total value of the more than 1,300 publicly traded cryptocurrencies, as listed by data CoinMarketCap, set a new all-time high of $667 billion. As such, it’s the latest sign that the entire cryptocurrency market has recovered from a correction on Dec. 22, when the market plunged more than 30 percent from around $648 billion to$422 billion.
Still, what’s most notable about the rally is that data shows the world’s largest cryptocurrency may not be a large contributor. Bitcoin’s dominance, or its share of the total market cap has now dropped to an all-time-low. Data suggests the value of all bitcoins is currently accounting for 35.6 percent of the entire marketplace.
Indeed, the dominance of the world’s first cryptocurrency has seen a rather turbulent movement in 2017, having decreased sharply from over 80 percent to 37.46 percent in June. This was followed by a six-month bounce-back to 65 percent around early December.
Hot air balloon image via CoinDesk archive
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.