Following the Terra LUNA and UST fallout, digital currency markets have dropped in value as the crypto economy dropped 6.93% from $1.356 trillion on May 22, to today’s $1.262 trillion. Amid the market carnage, bitcoin’s market dominance has increased to 43.8%, reaching the highest value since October 30, 2021. Moreover, ethereum’s market dominance has slid from 19.56% on April 16, to today’s 17.1%.
Bitcoin Dominance Reaps Rewards from Terra’s Demise
- The Bitcoin (BTC), which is currently dominating the 13 445 crypto market caps, has a 43.8% share. This represents the most it’s been since Oct 30, 2021, when it was just 209 days ago. This rise in market dominance is due to the Terra blockchain fiasco, which caused significant value loss for the crypto economy.
- For example, amid LUNA’s and UST’s death spiral and the crypto market carnage on May 10, 2022, Archived dataBTC was dominant at 39.4% and ethereum was at 18.4%. BTC changed hands at $30,118 while ETH traded for $21,225.
- BTC dominance rose to 44% on October 30, 2021, after it fell to 40% one month earlier, in the first week September 2021. Before the Oct. 30 BTC dominance peak, the August 21st 2022 spike was the last time BTC had been in that same range of dominance in relation to crypto market caps 13,445 and 13.445 respectively.
- BTC is the current market capitalization leader, beating ETH daily. trade volumeThe 24-hour Mining Reward Revenue.
Revision of the chart #Bitcoin market dominance. 👇
This thing seems to be gone after you have removed all stablecoins.
The chart shows the key levels.
Altcoin will bleed… pic.twitter.com/X3pPqY5dmF
— Duo Nine | YCC (@DU09BTC) May 26, 2022
- As ETH dominance falls and BTC dominance increases, a variety of alternative assets are losing significant market capital dominance.
- For example, on September 4, 2021, XRP’s dominance was 2.53% and today XRP dominance is only 1.51%. One alternative crypto asset that has seen its dominance rise is tether (USDT) as USDT’s market valuation dominance was above 3% on September 4, 2021, and today it’s 5.78%.
What do you think about bitcoin’s dominance increasing and ethereum’s dominance decreasing after Terra’s demise? Comment below and let us know how you feel about the subject.
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