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.
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.
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.
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