Following the fallout from Terra LUNA and UST, digital currency markets have lost value as the crypto economy fell 6.93% from $1.356 trillion on May 22 to $1.262 trillion today. Amidst the market carnage, bitcoin market dominance has risen to 43.8%, reaching the highest value since October 30, 2021. Additionally, ethereum market dominance has shrunk from 19.56 % on April 16 to 17.1% today.
Bitcoin Dominance Reaps Rewards From Terra’s Demise
- Bitcoin (BTC) dominance among the 13,445 crypto market caps in existence today is 43.8%, the highest in approximately 209 days, as of Oct 30, 2021. Increase in market dominance continues to the recent Terra blockchain fiasco that caused a significant amount of value to exit the crypto economy.
- For example, in the midst of the LUNA and UST death spiral and the crypto market carnage on May 10, 2022, archived data indicates that BTC dominance was 39.4%, while ethereum (ETH) dominance was 18.4%. On that day, BTC was changing hands for $30,118 and ETH was trading for $2,225 per unit.
- The spike on October 30, 2021 was a brief rise in BTC dominance to 44%, as dominance hit a low of 40% a month earlier, during the first week of September 2021. Before BTC dominance level October 30, August 21, 2022 was the last time BTC was in the same range in terms of dominance among the 13,445 cryptocurrency market caps.
- In terms of dominance, BTC outperforms ETH not only in market cap today, but also on a daily basis. trading volume and 24-hour mining reward income.
Revised table for #bitcoin market dominance. 👇
After deleting stablecoins, it looks like this has already blown up.
Key levels on the chart.
Altcoin will bleed… pic.twitter.com/X3pPqY5dmF
— Duo Nine | YCC (@DU09BTC) May 26, 2022
- As ETH dominance sinks and BTC dominance rises, several other alternative assets have lost value and lost significant market cap dominance.
- For example, on September 4, 2021, XRP dominance was 2.53% and today XRP dominance is only 1.51%. An alternative crypto asset that has seen its dominance increase is Tether (USDT), as USDT’s market valuation dominance was above 3% on Sep 4, 2021 and is 5.78% today.
What do you think about the rise of bitcoin dominance and the decline of ethereum dominance after Terra’s demise? Let us know what you think about this topic in the comments section below.
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