Bitcoin’s share of the cryptocurrency market is climbing toward levels last seen in 2021, a sign of the cautious mood in digital assets as investors favor the largest token.
Bitcoin accounts for 48.5% of the crypto market’s $1.1 trillion value, up from 38% at the start of 2023, CoinGecko data show. Speculators tend to ditch smaller tokens when risks are thought to be mounting for digital assets.
One example of that tendency comes from second-ranked Ether, which has shed 6% so far this quarter even as Bitcoin added 2%. Exchange-traded funds investing in Ether futures debuted in the US in October but failed to gain much traction, a blow for arguments that crypto adoption is bound to expand.
Read the full story on Bloomberg here.