币界网报道：This is a snippet from the Supply Shock newsletter. To read the full version, please subscribe. About this time eight years ago, only one coin had ever come close to surpassing Bitcoin. In June 2017, Bitcoin was in the final stages of a historic rally, reaching almost $20,000 by Christmas Eve. Altcoin prices are extremely volatile. Bitcoin could remain flat for a week while a coin like BitShares would surge by as much as 250.00%. Others like Stratis and DigiByte dropped by as much as 50.00% in the same period. Meanwhile, Ethereum was preparing for an explosion of token projects. One study calculated that $7 billion flowed into ICOs throughout 2017, almost all of it into Ethereum-based projects. This was purportedly four times more than equity investments in cryptocurrency companies during the same period. The price of ETH rose as investors poured into token offerings through Ethereum’s native token. On June 12, ETH’s market cap came close to surpassing Bitcoin’s by 17%: $3.68 billion versus $4.43 billion. If Bitcoin stayed flat, ETH would only have to rise from $400 to $470 to take the number one spot. This blockbuster article from the New York Times came out a few days ago. But it never happened: BTC and ETH both fell 60.00% over the next month, then rose 10x before BTC’s bull run ended, but ETH only rose 9x. Ether never recovered the lost ground. Still, ether came closer than the other two major hopefuls. Litecoin reached 10.00% of Bitcoin’s market cap in late November 2013, $11.80 million versus $11.80 billion, while XRP reached more than half of the market cap in May 2017, about a month before ether’s attempt. By late June 2017, it was clear that the Flippening was no longer realistic. Today, ETH’s market cap is about 13.00% of Bitcoin’s, and Bitcoin dominance is currently approaching two-thirds, its highest point since January 2021. If there’s a status quo in crypto, it’s Bitcoin. Get news in your inbox. Explore Blockworks newsletters:The Breakdown: Decoding crypto and markets. Daily. Empire: Crypto news and analysis to kickstart your day. Forward Guidance: The intersection of crypto, macroeconomics, and policy. 0xResearch: Alpha delivered straight to your inbox. Lightspeed: All about Solana. The Drop: Apps, games, memes, and more. Supply Shock: Bitcoin, Bitcoin, Bitcoin.