In the past 30 days, $285 billion has left the crypto economy, with bitcoin’s USD value hitting a 2022 low at $17,593 per unit on June 18. Additionally, last month’s statistics show Bitcoin’s market dominance at 2.9% and Ethereum’s market dominance at 2.1%, both higher than they are today.
Bitcoin and Ethereum dominance has declined
since last month.
The crypto bear market has damaged the digital currency economy and many continue to wonder if the market carnage will continue. The market has seen a short consolidation period after the most recent sell-off that tookBTC down to $17,593 per unit andETHdown to $877 per coin.
Both coins have had a significant amount of their fiat value removed in the last month, and. market dominance of BTCandETHhas declined since then; ETH’s market dominance has also declined since then. At that time,BTCwas trading at $28,946 per unit of BTConMay 27, 2022whileETHwas trading at $1,745 per unit. BTCcontrolled 43.9% of the $1.25 trillion crypto economy that day,ETHhad 17.1% control. 30 days later, data showsBTC‘s current control is 41%,ETHaccounts for 15%, ETH accounts for 15% of the total crypto economy.
The dominance of Tether, USD coins, and BUSD has expanded
The stablecoin Tether (USDT) captured 6.94% of the digital currency economy’s net additions, while USD Coin (USDC) captured 5.77%. Tether’s market capitalization has grown over the last month, as it was at around 5.72% at the time.
In mid-May, USDC’s market capitalization represented 3.77% of the crypto economy. The stablecoin BUSD, issued by Binance, represents 1.43% of the crypto economy in terms of dominance; today it is 1.8%. In fact, betweenUSDTUSDC and BUSD together represent 14.51% of the market capitalization, which is slightly less thanETH‘s 14.7%. This is slightly less than the 14.7% dominance of
whileBTCrecorded $18.7 billion in global trading volume over the past 24 hours andETHrecorded $13.5 billion, but the total volume of $32.2 billion is still overtaken byUSDT‘s final day of $48.58 billion Of theof BTCtraded in the 24-hour period, 60.62% of bitcoin transactions were paired with Tether (USDTBoth
83} andhave lower dominance valuations, with BTCandETH86}, suggesting that sellers were drawn to stablecoins. This trend suggests, but does not guarantee, that much of the stablecoin money may be those on the sidelines ofETHwho are waiting for an official bottom in ETHand BTC’s in.
What do you think about Bitcoin and Ethereum’s dominant valuations sliding over the past 30 days, while the market cap for stablecoins has ballooned? Let us know what you think about this subject in the comments section below.
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