Market Capitalization of All Alternative Cryptocurrencies Rises Above $4 Billion in March; Ethereum & DASH Rally to Record Highs

It used to be the case that when Bitcoin rallied, alternative cryptocurrencies declined in price. However, this dynamic seems to have changed somewhat since the start of this year - at least for some of the top altcoins.

As Bitcoin has continued to set new all-times highs in February and March, the market capitalization, as well as price of several major cryptocurrencies (Ethereum, Dash & Monero) has climbed in tandem.

Data from Coinmarketcap shows the combined market capitalization of all alternative digital currencies hit a new all-time high of $4.3 billion on Sunday, March 12, 2017, with Ethereum’s market cap making up close to 50% of that figure:

Ether (ETH), the token of the Ethereum blockchain, rose to a new record valuation of $2.07 billion today.

Although Bitcoin’s 24h volume reading of $232,732,829 represents 55.14% of global cryptocurrency turnover, Coinmarketcap data says that 19.46% of all cryptocurrency trading ($82,133,476) over the past 24h took place on various ETH pairs.

Privacy-centric digital currency, DASH, was trading at record highs of $80.00+ at 6:05 p.m. EST on Sunday, further solidifying its place as the 3rd most valuable cryptocurrency in the world. The market cap of DASH rose to a new all-time high of $562.37 million.

It’s also worth noting that the DASH/BTC pair on crypto-exchange Poloniex saw close to $32 million in turnover for the past 24h, while total daily DASH volume across all pairs came in at $46,884,646 - 11.11% of global cryptocurrency turnover.

Monero, the 4th largest digital currency by market cap, did not rise to new highs today, but its current market capitalization is only $21 million away from breaking its previous record of $257.12 million, recorded on January 5, 2017.

With a few exceptions - NEM, Zcash, GameCredits and MaidSafeCoin - majority of altcoins have lost ground against Bitcoin since the start of 2017.

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