The rallies have contributed to a slump in Bitcoin’s share of the $2.6 trillion crypto market to 43% from about 70% at the start of 2021, a metric that for strategists at JPMorgan Chase & Co.
Bitcoin’s waning dominance carries echoes of “froth” to the extent it’s being fueled “by a rally in other cryptocurrencies driven more by retail demand,” a JPMorgan team led by Nikolaos Panigirtzoglou wrote in a note Friday.
Among the most notable moves in the crypto market Monday was Ether’s jump past $4,000 for the first time after a climb of more than 2,000% in the past year.
Later, it emerged that the cryptocurrency is apparently being used to pay for a lunar satellite launch with SpaceX, Musk’s commercial rocket firm.