Following the impact of Terra LUNA and UST, the value of the digital currency market has fallen as the crypto economy fell 6.93% from $1.356 trillion on May 22 to $1.262 trillion today. Amid the market carnage, Bitcoin’s market dominance has risen to 43.8%, the highest since October 30, 2021. Additionally, Ethereum’s market dominance has slipped from 19.56% on April 16 to 17.1% today.
Bitcoin dominance pays off from Terra’s demise
- Bitcoin (BTC) The dominance of the 13,445 cryptocurrencies currently in existence is 43.8%, the highest level in about 209 days since October 30, 2021.The rise in market dominance comes in the most recent Terra blockchain fiasco This causes a lot of value to leave the cryptoeconomy.
- For example, in the death spiral of LUNA and UST and the crypto market carnage on May 10, 2022, Archive data express bitcoin Dominance is 39.4%, while Ethereum (ETH) Dominance is 18.4%. on that day, bitcoin Changed hands for $30,118, Ethereum In exchange for $2,225 per unit.
- The October 30, 2021 peak was short-lived bitcoin Dominance rose to 44% in the first week of September 2021, as dominance hit a low of 40% a month earlier.Before October 30th bitcoin Dominant class, August 21, 2022 is the last time bitcoin Dominance in the 13,445 cryptocurrency market cap is in the same range.
- In terms of dominance, bitcoin beat Ethereum Not only in today’s market value, but also in daily Trading volume And 24-hour mining reward income.
Modified chart #bitcoin market dominance. 👇
This thing seems to have exploded after the withdrawal of stablecoins.
Key levels on the chart.
Altcoins will bleed… pic.twitter.com/X3pPqY5dmF
— Double Nine | YCC (@DU09BTC) May 26, 2022
- as Ethereum decline in dominance and bitcoin Dominance has risen, and some other alternative assets have shaken in value and lost significant market cap dominance.
- For example, on September 4, 2021, Rippledominance is 2.53% today Ripple The dominance is only 1.51%. An alternative crypto asset that has already dominated is tether (USDT) as USDTOn September 4, 2021, its market valuation advantage was above 3%, compared to 5.78% today.
What do you think of the increasing dominance of Bitcoin and the decline of Ethereum’s dominance after Terra’s demise? Let us know what you think about this topic in the comments section below.
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