The major growth in overall market cap has largely been spurred on by recent rises in altcoins. The demand for Bitcoin (BTC) has been waning recently, moving prices lower in the weeks leading up to Christmas.
Bitcoin dropped as low as $11,833 on December 22. The leading cryptocurrency rallied back upjust a day later, but was followed by a week of volatility.
Yesterday, however, the coin got a boost after news that Peter Thiel’s San Francisco-based venture capital firm had made substantial investments in the leading cryptocurrency, propelling prices back up over the $15,000 mark.
Overall dominance of Bitcoin among all cryptocurrencies has decreased to all time lows, reaching 34.97 percent on Tuesday.