Ethereum's percentage of the total cryptocurrency market has sharply risen since the beginning of the year

Ethereum devours the share of the crypto-currency market.

A new report from Autonomous NEXT, a financial technology analytics service, shows that the share of Ethereum has risen sharply in the entire cryptocurrency market since the beginning of the year.

In January it was about 5%. Since 22 June, the market chapel has risen to 30% as a percentage of the total market.

The impressive rise of Ethereum has led to a dramatic decline in the market chapel of bitcoin as a percentage of the market. It has fallen from about 85% at the beginning of the year to just under 40% from the end of June. By mid-June, Ethereum was on the line to surpass Bitcoin as the world's largest crypto currency by market capitalization, according to Coindesk, but its share of the market has since retired.

Nevertheless, the shift from Bitcoin to Ethereum reflects a change in what the cryptuurrency industry wants from Blockchain Tech, according to the report.

"Early stage of cryptocurrency market development is focused on who will be the" digital gold "and Bitcoin won by the largest developer and adoption ecosystem," the report said. "However, the current battle for other functionalities, such as global decentralized computing or intelligent infrastructure contracts."

Ethereum, unlike Bitcoin, was not built to function simply as "digital gold". According to Paul McNeal, a bitcoin evangelist, the Ethereum block chain was built as a platform on which two parties could enter without a third party into a so-called smart contract. As a result, it can be used as a currency and it can represent "virtual stocks, assets, proof of membership and more."

The varied functionality of Ethereum has given many people in bullish bullish on its future. Mike McGovern, the new head of investor services Fintech offers at Brown Brothers Harriman & Co, is such a person.

"Ether is not only cheaper than Bitcoin, it is also more robust and has more applications outside of simple financial transactions," he said in a recent interview with Business Insider.

A survey recently quoted by Nathaniel Popper in the New York Times shows that many companies are singing a similar melody. Nearly 94% of the companies surveyed said they felt positive about the state of the ether token. Only 49% of companies surveyed had a positive feeling of bitcoin.