Following the fallout of Terra LUNA and UST, the digital currency market has declined in value with the crypto economy falling 6.93% from $1.356 trillion on May 22 to $1.262 trillion today … Amidst the market turmoil, Bitcoin’s market dominance rose to 43.8%, reaching its highest level since October 30, 2021. Additionally, Ethereum’s market dominance has dropped from 19.56% on April 16 to 17.1% today.
Bitcoin’s dominance reaps rewards from Terra’s demise
- Of the 13,445 crypto market caps in existence today, bitcoin (BTC)dominance is 43.8%, its highest in nearly 209 days since October 30, 2021. The increase in market dominance follows the recent Terra blockchain fiasco, which drained a significant amount of value from the crypto economy.
- For example, amidst the LUNA and UST death spirals and the May 10, 2022 crypto market fiasco, archived data shows thatBTCdominated 39.4% andEthereum (ETH)dominated 18.4%. On that day,BTCwas exchanged for $30,118 andETHwas exchanged forETHwas exchanged for $2,225 apiece.
Revised chart of 50} 51} #Bitcoin market dominance. After removing 👇
stablecoin, this appears to have already broken out.
Significant levels on the chart
Altcoin bleeding…pic.twitter.com/X3pPqY5dmF
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