Cryptocurrencies
In Wild Crypto Week, Bitcoin Gains and Grabs Bigger Market Share
- Bitcoin makes up close to three-quarters of crypto market cap
- Largest asset gains 14% this week while Ether, alt coins drop
Photographer: Akos Stiller/Bloomberg
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In another wild week for digital assets, Bitcoin extended its dominance, grabbing a greater share of the cryptocurrency market as most alternative coins declined.
Bitcoin now makes up close to three-quarters of the entire crypto universe, according to data from Coinmarketcap.com. Its market capitalization is above $211 billion, 10 times that of the next-largest digital asset, Ether. And in a week when traditional financial markets were roiled, its price has held up, too: Bitcoin rose 14% over the seven days through Friday, while prices for alternative assets including Ether and XRP dropped.