The top 10 cryptocurrencies collectively rose by more than 8%, and Bitcoin's dominance shrank to 60%

We all say that a rising tide lifts all boats, and today the rising river of the cryptocurrency ecosystem has lifted up a whole host of “crypto” boats.

As Bitcoin soared past $1,500 overnight — and some exchanges even surpassed $1,600 yesterday afternoon — the rest of the top 10 cryptocurrencies by market cap also rose in tandem, with gains of at least 8%.

Ripple’s XRP token was the biggest winner, rising more than 40% to an average price of around $0.079 across major exchanges. Meanwhile, Litecoin — which has seen a big surge in recent days due to the upcoming adoption of SegWit — also rose more than 22% on the same day.

Ethereum network token ETH rose 14%, with the average price reaching a new high of approximately $89. As reported by Babbitt yesterday, analysts predict that ETH will soon break through $100.

According to the current trend, the cryptocurrency market is moving away from Bitcoin's dominance and diversity is increasing. As of press time, Bitcoin's market capitalization share of the entire cryptocurrency market has fallen below 60% for the first time in history.

However, major analysts have not yet commented in detail on the reasons for this collective surge.

Some said it was due to the technical advantages of various platforms, others either said "what the hell?" or that it was the traders' "don't want to miss out (FOMO)" mentality.

Industry entrepreneur and analyst Paul Buitink puts it quite succinctly:

“Everything is going up.”