October 3, 2023

Bitcoin Dominance Increases, ETH’s Market Share Slides, Stablecoin and Smart Contract Coins Rise – Market Updates Bitcoin News

On Wednesday, the crypto economy of 12,620 coins across 543 exchanges is hovering just above the $2 trillion mark. Ever since the crypto economy’s market slump, bitcoin’s market dominance among all the coins in existence has slowly risen from 37% zone back over the 38% range. Meanwhile, Ethereum’s market dominance has diminished as it has slid from 18.6% to 17.7% since January 6.

Bitcoin and Ethereum Dominance Shifts, Top Stablecoin and Smart Contract Tokens Command More Than 44% of the $2 Trillion Crypto Economy

Bitcoin’s (BTC) market dominance has increased while ethereum’s (ETH) crypto-economy dominance has decreased over the last two weeks. Market dominance is the crypto asset’s overall valuation compared to the entire $2.08 trillion crypto market economy.

Bitcoin, ethereum, and other dominance levels mentioned in this article were recorded on January 19, 2022, at 1:55 p.m. (EST) via coingecko.com metrics.

On January 6, 2022, BTC’s dominance slid to its lowest position in three years (37.7%) since June 3, 2018. The metric has increased to the 38% region while ethereum’s market dominance dropped from 18.6% to 17.7%.

A myriad of other coins have seen market dominance changes and the crypto asset binance coin (BNB) has a market dominance rating (MDR) of around 3.37%. Tether (USDT) commands an MDR of 3.35% and cardano (ADA) has 2%.

The stablecoin USDC’s MDR today is 1.95% and solana’s (SOL) market valuation is 1.85%. The distributed ledger technology token xrp’s (XRP) market cap represents 1.51% of today’s crypto market economy.

Following XRP, is terra’s (LUNA) market valuation which commands 1.22% of the crypto economy, and polkadot’s (DOT) 1.03%. The $173 billion worth of stablecoins represent 8.30% of the crypto economy and the $738 billion worth of smart contracts platforms is 35.36% of the value of all the coins in existence today.

The $11.8 billion in privacy coins is around 0.56% of the crypto economy’s net worth on Wednesday. Meme coins, however, command 2.15% of the digital currency economy with $45 billion.

Tags in this story
Bitcoin (BTC), bitcoin dominance, BTC, crypto assets, crypto economy, Crypto markets, Dominance, ETH dominance, Ethereum, Ethereum (ETH), Market Caps, Market Dominance, Market Valuations, Markets, markets and prices, meme coin dominance, Prices, privacy coin dominance, smart contract token dominance, stablecoin dominance, Tokens

What do you think about the bitcoin and ethereum market dominance shifts in the last two weeks? What do you think about the 44% in aggregate value stable coins and smart contract tokens represent today? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Source link