On January 21, 2023, the price of bitcoin hit a 24-hour high of $23,333 per unit at 5:00 AM Eastern Time Saturday. After rising 7.2% against the U.S. dollar, the entire crypto economy is now valued at $1.05 trillion. Bitcoin’s price rise has taken its level of crypto asset dominance beyond the realm of 40% of the thousands of crypto assets, as the digital currency’s market valuation has risen to $443 billion.
Bitcoin’s value rose 37.2% in 30 days, pushing its dominance level above 40%
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Bitcoin jumped over the $23,000 zone on January 21, pushing the crypto asset’s value 37.2% higher than 30 days earlier. With this rise, the dominance level ofBTCis now above the 40% region; according to data from coinmarketcap.com (CMC),BTC‘s dominance level on January 21 is around 42.4%.
Dominance levels for major crypto assets have risen above the 40% region since the first week of January 2023. Crypto economic aggregator coingecko.com (CG) shows Bitcoin dominance at around 41.1% on January 21. Bitcoin dominance is the market capitalization of the digital currency divided by the overall market valuation of the crypto economy.
From 2009 to 2017, the dominance level ofBTCremained above the 80% level. However, after falling below 80%, the dominance level never returned to that position. Meanwhile,BTCBTC’s dominance is about 41-42% today, while CG metrics put the dominance level of the second largest crypto asset, Ethereum (ETH), at about 18.4%.
According to CMC data, out of a USD value of $1.05 trillion,ETHdominates at about 19.3%; other major dominant players in January 2023 include Tether (USDT) with a 6.33% market dominance, as Binance Coin (BNB) is shown with a dominance level of about 4.57%.
Stablecoin USDC has a market dominance level of about 4.13%, whileXRPis at about 1.99%, according to CMC statistics at 11:30 PM Eastern Time Saturday.47} while BTC, ETH, USDT, BNB55} USDC,XRP XRPand the dominance level for all six coins on January 21 is about 78.72%. The last timeBTCdominance was this high was six months ago in mid-July 2022.
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