Bitcoin and Ethereum stand out as the leading cryptocurrencies in the market, with Bitcoin holding the top position.
The market cap of Bitcoin has significantly evolved over the past five years, marking substantial growth.
Both Bitcoin and Ethereum, along with other cryptocurrencies, have emerged as formidable competitors to traditional assets like gold and silver.
A recent report highlights Bitcoin and Ethereum as key players in the global market based on their market capitalization.
BTC and ETH Ranks High in Top Assets: Bitcoin or Silver?
According to data from CryptoRank, Bitcoin and Ethereum sit comfortably as some of the most valuable assets in the world by market capitalization.
However, what's even more interesting about this report is that it shows that these two crypto tokens are right behind the valuations of many traditional financial assets and companies.
According to the report, Bitcoin is the 9th most valuable financial asset by market capitalization.
The crypto asset had a market capitalization of more than $1.33 trillion, and it is just behind Silver, which has a market cap of $1.8 trillion.
In the list, gold emerged as the top most valuable asset by a wide margin. Data shows that it had a market cap of around $15.7 trillion.
Besides Bitcoin, Ethereum was also impressive with its growth in market cap, surpassing some of the top financial giants in the world. It came 24th in the rankings, with a market cap of $455 billion.
However, it is very important to point out that it surpassed Mastercard, which had a market cap of $413 billion at the time of the report.
Bitcoin and Ethereum Continue to Dominate the Crypto Market
According to data from CoinMarketCap, Bitcoin and Ethereum have continuously progressed in dominating the crypto market.
At the time of writing, data shows the market capitalization of cryptocurrencies exceeded $2.5 trillion. However, Bitcoin alone accounts for more than $1.3 trillion of this market cap, giving it a market dominance ratio of more than 53%.
On the other hand, Ethereum is not doing badly regarding market dominance in valuation. With a market cap of $450 billion, it represents more than 17% of the total market valuation.
Now, if the two cryptocurrencies are combined, they make up an astonishing 70% of the entire crypto market capitalization.
Nevertheless, there's a consequence for this. The market movements of these two cryptocurrencies can significantly impact the market, whether positive or negative.
Current Market Performance for ETH and BTC
Although their prices are still high, the price performance of the two cryptocurrencies seems to have paused.
Since reaching an all-time high of more than $73k, Bitcoin has seemed uninterested in extending this milestone.
On the other hand, Ethereum has also refused to go beyond the $4,000 level.
At press time, Bitcoin's price was $68,472.79, an increase of more than 7% monthly.
Also, Ethereum's price was at $3,757.43, with a monthly increase of over 18%.
With the spot ETH ETFs expected to enter trading before 2024 ends, Ethereum's price seems poised to get bigger.