The second-largest cryptocurrency in terms of market capitalization, ethereum, has come awfully close to reaching the digital asset’s all-time high ($4,878) it reached 21 days ago on November 10. While bitcoin dominance has slid below the 40% zone, ethereum’s market dominance, or $557 billion market valuation, represents close to 20% of the crypto economy.
Ethereum’s Price Trajectory Nears All-Time High — Ether Market Dominance Increases
During the previous two weeks, ethereum has seen a 10.8% increase in its fiat value. Year-to date (YTD) ETH has risen 668%. The YTD ether gains are much larger than bitcoin’s (BTC) 190% 12-month increase. Global ETH trading volume is around $31 billion at the time this article was written. ETH has a market cap of approximately $557 billion. BTC holds a 38.7% dominance ranking, while 19.9% of the market is held by ethereum. The remainder, however, are the 11,289 existing crypto assets.
As it controls 44.6%, the USDT stablecoin is the most popular trading pair for ether. BTC (9.69%) BUSD (8.37%) USD (21.33%) EUR (4.18%), KRW (2.56%) and JPY (1.69%) follow. Binance was the most active platform for trading ETH over the past 24 hours, followed by Coinbase and Kraken, Bitstamps, Luno and Bitfinex. According to Into the Block crypto analytics, holders are making around 99% at the current ETH price.
According to statistics, the concentration of large bitcoin owners is 11% and 42% respectively. 59% have kept ETH for at least one year, while 32% hold ETH for a period of between one and twelve months. Onchain metrics shows that only 9% of ETH owners have been holding the currency for less than a month. In the past seven days there were $74.75 Billion worth of transactions in ether that exceeded $100K.
An aggregate analysis of transaction demographics for ether shows that 51% originated from the Western Hemisphere while 49% were derived from East. According to Into the Block statistics, there are seven ETH whales that hold 21.19% or 24.89 millions ether. Institutional investors hold just over 20%, while retail investors own 57.89% (or 68,000,000 ether).
Ethereum Market Cap Commands 50.9% of Bitcoin’s Overall Market Valuation
The total amount of ether inflow and outflow combined was $8.22 Billion. This week, Ethereum witnessed a 13.45% rise in new addresses and a 9.5% increase in active addresses.
Since March 2016, Ethereum’s hashrate has increased from 1.5 terahash (TH/s) to 956.25 TH/s at the time of writing. ETH’s hashrate has increased, following the rise in price, by a whopping 63,233% since 2016. Ethereum’s hashrate has never been higher, and at 956.25 TH/s or 0.957 petahash per second (PH/s), it’s awfully close to 1 PH/s.
Currently, ethereum (ETH) is only 3.8% lower than the crypto asset’s ATH which was $4,878 per unit on November 10. Ethereum’s 24-hour block rewards have surpassed Bitcoin’s (BTC) daily rewards by more than 124%. According to statistics from The Flippening Watch, ethereum commands 50.9% of BTC’s current market cap and captures 80% of the trade volume BTC has seen today.
What do you think about ethereum’s recent market and network performance during the last week? Please comment below to let us know your thoughts on this topic.
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