The Ethereum market capitalization has surpassed that of all the altcoins in the crypto market for the first time since February 2021. In a screenshot shared by a Twitter user, the Ethereum market cap, currently at $213.8 billion, exceeds all that of altcoins, including major crypto projects like Solana, Cardano, Dogecoin, etc. This is happening for the first time in over 28 months.

Ethereum Outperforms Altcoins

As of June 20, Bitcoin dominated the cryptocurrency scene with a market cap of over $541.9 billion, representing nearly 50% of the total crypto market cap, currently at $1.1 trillion, according to CoinMarketCap data.

Ethereum’s market capitalization can be attributed to several factors. A key is that Ethereum enjoys a first-mover advantage in its sector, like Bitcoin. The platform is the first to implement smart contracts and the longest-standing platform operating with high reliability, nearing 100%.

Consequently, it has been adopted broadly and continues to anchor projects, including Aave and Maker, that manage billions of crypto assets. 

Besides, the platform’s decentralization and security mean the platform anchors most decentralized finance (DeFi) and non-fungible token (NFT) activity. As of June 20, data from DeFiLlama shows that Ethereum’s DeFi protocols cumulatively manage over $25.2 billion of assets, r

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Author: Dalmas Ngetich

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