At 5 AM ET on January 21.2023, the bitcoin price hit an all-time high of $23,333 per unit. This surge in value led to the entire crypto economy having a market capitalization of $1.05 Trillion. Additionally, Bitcoin’s market share exceeds the 40% area among thousands of cryptocurrency assets.
Cryptocurrency Market Dominance Surpasses 40% as Bitcoin Value Rises 37.2%
On January 21, Bitcoin surpassed the $23,000 mark. The cryptocurrency asset’s value is now 37.2% more than it was 30 days ago. As a result, the BTC dominance rate has risen to above 40%. Coinmarketcap.com (CMC) data shows the BTC dominance rate on January 21 is approximately 42.4%.
On January 20th, the dominance rate of top crypto assets surpassed 40%. According to CoinGecko (CG), Bitcoin’s dominance level is approximately 41.1% as of January 21. Bitcoin Dominance is the total market capitalization of the digital currency and its total market value.
From 2009-2017, the BTC dominance rate stayed above the 80% mark. After dropping below 80%, the control level never recovered. Currently, the BTC dominance rate is around 41-42%. CGmetrics indicate that Ethereum (ETH), the second leading crypto asset, has a dominance rate of about 18.4%.
CoinMarketCap data shows that ETH dominance is 19.3% of the total $1.05 trillion in US dollars. Other major players that dominate the market include Tether (USDT), which holds a market dominance of 6.33%. Binance Coin (BNB) is a major player at 4.57%. The market dominance rate for USDC stablecoin is 4.13%. XRP’s market dominance rate is 1.99%, according to CMC statistics.
By 11:30 AM ET on Saturday, the dominance level of BTC, ETH, USDT (BNB, USDC, USDT), USDC, and XRP was 78.72%. Six months ago, BTC dominance hit an all-time high in mid-2018.July 2022.
What do you think will be the next big thing in the crypto market and what effect will it have on bitcoin dominance? Share your thoughts on the topic in the comments section below.
