Let’s forget about folkloric and outdated phenomena like Dogecoin, Shiba Inu and other memecoins. The entire cryptocurrency sector in 2021 has changed its face with the expansion of borders and new uses.
The valuations of the most important currencies testify to this: Anyone who thinks Bitcoin is the asset that has earned the most this year is wrong. In fact, it was far surpassed by Binance Coin, which jumped to the third step among the cryptocurrencies with the highest cap during the year. And not without reason.
For Bitcoin + 73%
Let’s look at the numbers compiled by Arcane Research, an analytics firm dedicated to the crypto world. Bitcoin gained 73% – still better than the S & P500 (+ 28%) and Gold (-7%) – but Ethereum, the second cryptocurrency, which gained 455%, and especially Binance Coin, rose even better. in third place thanks to a 1.344% lap jump for a total capitalization of $ 87 billion.
The result is that bitcoin has definitely lost ground compared to altcoins, while the expansion of the crypto ecosystem is pushing alternative coins forwards due to uses mostly associated with smart contracts and decentralized financial applications. “While Bitcoin has shown its strength in 2021, we’ve seen a constant flow of capital in Altcoins,” say analysts at Arcane Research.
The rise of other cryptos
The number one cryptocurrency remains cryptocurrency with a capitalization of $ 910 billion (out of 2,250 billion of the more than 16,000 cryptocurrencies in existence), but its weight within the total number of digital currencies has decreased from 70% at the beginning of the year to 40% today. Ethereum grew to 20% and Binance Coin to 9.5%, data that specifically indicates the change in pace this year, with the development of the market based on specific elements and the use of cryptocurrencies.