They stand apart as the Coca-Cola and Pepsi of the crypto world, often compared against each other.  No other coin comes close, not with the two coins accounting for more than half of the total market. With a market capitalization of more than $400 billion, Bitcoin (BTC) currently leads the pack with a 40% market share, followed at a far distance by Ethereum (ETH), with 18.3%. With such an impressive hold on the market, there is no doubt that when these elephants move, the grass trembles.

So what does it mean for the industry as these coins edge higher in recent times?

The First Among Equals!

The largest cryptocurrency by market cap has seen a slight rise of 0.8% over the last day and a significant rise of 22.3% over the past week. Bitcoin remains the golden child in the crypto family and is often used as an indicator of how well the market is doing. In the world of digital currencies, many coins and tokens frequently move in similar ways. Hence, when BTC declines, it's possible that other market participants will also experience a decline at the same moment, while most digital tokens often appreciate in value along with it.

For this reason, it is good news for the crypto economy to see some bullish behaviour exhibited by BTC, as it often indicates that the market is recovering.

Bitcoin enjoys the "first-comer advantage" and has continued to do so. It is hard to say how long this will remain the norm, but until then, it is worth watching the big guy.

Second In Command – Ethereum

Ethereum, the second-largest cryptocurrency by market cap, is currently changing hands at $1,671, with a 24-hour trading volume of $8.4 billion. In the last 24 hours, it has gained 1.70%.

Despite the modest increase, the current price equals a 4.5% gain in the past week and a 30% surge in the last 30 days, with the altcoin almost keeping pace with bitcoin's increases in the past month.

However, there are plenty of reasons to be optimistic about Ethereum on a fundamental level, as recently, the payment giant Visa announced that it would be testing USDC stablecoin payments on the Ethereum blockchain. That's huge for the network.

This has led analysts to believe that ETH itself will be one of the big winners this year, likely to even outperform BTC.

A Quick Look At The Past

In the past, people exchanged products and services for tangible valuables like gold and silver. We trusted the banks to retain these for us in exchange for issuing notes that attested to the wealth we had. But these precious metals were difficult to carry and at risk of theft and loss.

Hence, a new system evolved, and governments asserted that the notes themselves had value. As a result, we received cash. With the advent of the internet and the many ways it can be used, money pivoted towards digital; one didn't need to have physical cash to purchase goods and services. Online transfers, PayPal, and many other platforms were created to make financial transactions easier.

In 2009, the Bitcoin software was made public, and the word was out on cryptocurrencies. Money that had no geographical boundaries, needed no third-party intervention, and had no centralized agency to monitor the transactions. Bitcoin was not the first attempt at an online currency of this type, but it was the most successful.

Decades later, we now have thousands of cryptocurrencies as more and more people and systems show acceptance for digital money.  Thus, cryptocurrencies may have the potential to change how the economy runs.

Presently, BTC is considered the most reliable digital asset in comparison to other cryptocurrencies. ETH's fame is based on a similar sentiment, plus it provides more uses for its platform. Despite significant levels of volatility for both coins, they are more popular than other tokens. While the bear market is in place, it is reasonable to expect investors who are uneasy about newer, smaller cryptocurrencies to switch their money from altcoins to bitcoin and ethereum. For the foreseeable future, the crypto space will still be largely ruled by these two main coins, but we are seeing signs that some newer coins are holding their own and may possibly lead the next bull market years down the line.