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This is a stellar week for cryptocurrency traders with both bitcoin and many altcoins reaching record highs based on some very strong trading volumes. The first and leading blockchain is now worth in total more than $21 billion, with the BTC/USD exchange rate above the $1300 price level.

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Despite this amazing feat by bitcoin (priced higher than an ounce of gold while the threat of a hard fork is still looming over it) its dominance in the overall crypto market is in fact diminishing. This is due to the rapid rise of competing cryptocurrencies, which some bitcoin purists are calling the altcoins bubble.

While BTC increased by about 7% over the last week, sometop ten blockchain tokens by market value grew in a much greater rate. Ethereum grew over 11%,Ripple over 8%,Litecoin about 50%,NEM (XEM) over 67% and Ethereum Classic (ETC) jumped over 57%.

For the first time ever the market cap of all cryptocurrencies is now worth $32 billion and there are now sevencryptocurrencies with a market cap of near or over half a billion USD each. Besides Bitcoins previously mentioned$21 billion market cap,Ethereums market cap is now $5 billion, Ripples market cap is $1.2 billion, Litecoins market cap is $750 million, NEMs market cap is $470million and Ethereum Classics market cap is over $450 million.

Due to this, Bitcoins market value dominance now stands at just 65%. And even more so, its trading volume dominance is at just about 47% with a daily trading volume of $355 million out of over $755 combined daily trading volume for allcryptocurrencies in circulation.

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Cryptocurrency Ecosystem Now Worth $32 Billion as Top Altcoins Jump Over 50% - Finance Magnates