- Bitcoin and Ethereum have become some of the most valuable assets in the world.
- There has been a lull in the uptrends that BTC and ETH saw over the past week.
Recent data shows that Bitcoin [BTC] and ether [ETH] have achieved a dominant position not only within the cryptocurrency market, but also in the broader financial landscape.
Their market capitalization has grown significantly and now rivals the valuations of many traditional companies.
Bitcoin and Ethereum are among the top assets
A data search by Crypto Rank revealed that Bitcoin and Ethereum were prominently among the top assets by market capitalization.
The data showed that Bitcoin ranked ninth with a market capitalization of $1.33 trillion. Moreover, BTC was just behind Silver, which had a market cap of $1.8 trillion.
Furthermore, gold was the largest asset by market capitalization, worth $15.7 trillion.
Additionally, Ethereum ranked 24th with a market cap of $455 billion, notably surpassing Mastercard, which had a market cap of $413 billion.
Bitcoin and Ethereum remain dominant
Analysis of cryptocurrency data from CoinMarketCap showed that the total market capitalization of cryptocurrencies was over $2.5 trillion. Bitcoin was responsible for more than $1.3 trillion of this, giving it a market dominance of almost 53%.
Moreover, Ethereum’s market capitalization exceeded $453 billion, representing almost 18% of the total market.
Combined, Bitcoin and Ethereum make up more than 70% of the entire cryptocurrency market cap, meaning their price movements have a significant impact on the overall market.
Although the overall market capitalization for cryptocurrency is much smaller compared to gold, it still has significant value.
BTC and ETH are seeing a pause in the uptrends
Bitcoin has recently fallen further from the $70,000 price range, leading to a decline in its market capitalization. Analysis of the daily timeframe chart showed that after fluctuating between $68,000 and $69,000 for several days, it fell to around $67,000.
By the end of the trading session on May 29, it had fallen more than 1% to around $67,500. At the time of writing, Bitcoin was trading around $67,900, reflecting a slight increase of less than 1%.
Source: TradingView
Furthermore, Ethereum has recently experienced a pause in its uptrend.
Source: TradingView
Realistic or not, here is the ETH market cap in terms of BTC
On May 27, the price reached around $3,890, the highest level since it rose to around $4,000 in March. However, subsequent downward trends quickly put an end to this increase.
By the end of the trading session on May 29, Ethereum was down more than 2% and was trading around $3,762. At the time of writing, the stock was trading at around $3,750, after a slight further decline.