bitcoin dominance

Global Crypto Economy Holds Above the $2 Trillion Zone for 5 Consecutive Days

27/03/2022 by Idelto Editor

The crypto economy has managed to remain above the $2 trillion mark during the last five days since March 22. Currently, the global cryptocurrency market capitalization is 1.3% higher during the last 24 hours, as the valuation stands at $2.1 trillion today. Furthermore, the price of bitcoin jumped over the $46K zone on Sunday as well capturing an $870 billion market cap.

Digital Assets Gain This Week, Bitcoin Cracks $46K, TVL in Defi Holds Above $200 Billion

Digital currencies have gained in value during the last seven days and for five consecutive days, the crypto economy’s total value has held above $2 trillion. The last time the crypto economy was above the $2 trillion zone was during the first week of March.

During the last seven days, bitcoin (BTC) increased by 8.9% and ethereum (ETH) gained 8.5% against the U.S. dollar. Out of the top ten largest crypto market caps, cardano (ADA) saw the biggest seven-day gain with 26.5% this week.

The 13,421 crypto assets traded on 587 exchanges currently has a market valuation of $2.1 trillion and its risen 1.3% during the last day.

The biggest gainer during the last week was zilliqa (ZIL) jumped 148% this week, convex finance (CVX) spiked 53.2% higher, and vechain (VET) increased by 44.9% over the last seven days.

The top privacy coins by market valuation increased by 3.4% in 24 hours, and the top smart contract platform coins by market capitalization rose in value by 1.7% on Sunday. Furthermore, the top rebase tokens by market capitalization increased by 9% during the last 24 hours against the U.S. dollar.

While the value of the crypto economy is $2.1 trillion on Sunday, over the last day there’s been $78.5 billion in global trade volume on exchanges.

At the time of writing, bitcoin (BTC) has a market dominance of around 40.3% of the crypto economy’s value and ethereum (ETH) represents 18% of the $2.1 trillion. The stablecoin tether (USDT), which is the third-largest crypto market valuation, has a market dominance today of around 3.84%.

Out of the $78.5 billion in global trade volume on exchanges, $42.7 billion of those trades are swapped with stablecoins. The overall value of the stablecoin economy on Sunday is $188.9 billion.

In addition to the $2.1 trillion crypto economy, $216.58 billion is locked in decentralized finance (defi) protocols. The total value locked (TVL) in defi today has increased 1.04% in value during the last 24 hours. The largest defi protocols in terms of TVL include Curve Finance, Makerdao, Lido, Anchor, and Aave.

What do you think about the crypto economy managing to hold above the $2 trillion zone for five consecutive days? Do you expect digital assets to increase in value next week or slide? Let us know what you think about this subject in the comments section below.

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

19/01/2022 by Idelto Editor

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.

Study Shows Market Share of Altcoins Surged Threefold Since 2014

27/12/2021 by Idelto Editor

Study Shows the Market Share of Altcoins Surged Threefold Since 2014

This week, bitcoin’s market dominance among the market capitalization of all 12,046 crypto assets in existence has been hovering above 38%, while ethereum’s overall valuation commands 19% dominance. A report published on Monday shows that since 2014, the market share of altcoins surged threefold from 21% in 2014, to today’s market share of 62%.

Report Says ‘Tide Is Turning,’ Altcoins Are ‘Making Ground on Bitcoin’

A report published by tradingplatforms.com and author Edith Reads shows that altcoins have swelled in value over the last seven years. The author’s report explains that “the tide is turning” and altcoins are “making ground on BTC as their popularity continues to soar.” It is well known that since bitcoin’s inception, BTC’s market dominance among all the other crypto assets in existence has been over 80% until February 2017. On February 26, 2017, BTC had a market dominance rating of 86% and it’s never returned to above the 80% range since that day.

“Since 2014, the market share for Altcoins has been on an upward trajectory,” the tradingplatforms.com author explains. Reads notes that as of December 9, 2021, altcoins represented 62% of the market share. “The figure represents a tripling of their dominance in the last seven years. They’ve surged threefold from a market share of 21 percent to stand at the current 62 percent figure,” Reads’ study adds.

The report continues by sharing the growth of the altcoin space and growing interest in altcoins. “The growth in [the] market dominance of altcoins is indicative of a shift in thinking about crypto assets,” Reads says. “Many are embracing them as alternatives to BTC. As the crypto space continues to develop, BTC’s dominance will come under increased pressure,” the tradingplatforms.com researcher notes.

Study’s Author Claims ‘Market Cap Is a Crucial Factor in Crypto Ranking’

The author claims that market share dominance is a significant factor and BTC’s market share has been declining. “In December 2014, [BTC’s] market cap stood at 78 percent,” the study highlights. “But that position has continued to erode to stand at 38 percent at the study’s publication.” Reads further opined:

Higher market dominance in most cases translates to higher market caps. Market cap is a crucial factor in crypto ranking. Large caps suggest safe investment options as such cryptos tend to be less volatile. In essence, it’s a pointer to how stable the asset is.

Today there are more than 12,000 crypto-assets in existence that have a recorded price value according to coingecko.com metrics. While ethereum (ETH) commands 19.1% of the $2.54 trillion, many other coins have decent shares of the overall crypto economy as well. BNB has a market dominance of 3.64% and the stablecoin tether (USDT) has around 3.06%. Solana (SOL), the fifth-largest crypto market cap today, captures 2.45% of the $2.54 trillion and cardano (ADA) commands 1.97% of the crypto economy.

The tradingplatforms.com study insists there are a few advantages altcoins have over BTC including “gaining ground in the [decentralized finance] sector.” Reads opines that in terms of scaling, “altcoins are built on better Blockchain technology.” She says that BTC is also dealing with a lot of people who care about the environment and Reads mentioned that “Elon Musk has been a vocal critic.”

What do you think about the tradingplatforms.com study and Edith Reads’ opinions concerning the crypto market share dominance today? Let us know what you think about this subject in the comments section below.

Bitcoin Dominance Slides Below 40% for First Time in 6 Months

25/11/2021 by Idelto Editor

During the last week, the price of bitcoin has been hovering below the $60K range and digital currency advocates are wondering which way the market is headed next. At the time of writing, the crypto economy is valued at $2.81 trillion and bitcoin’s market dominance has sunk below the 40% region for several days now.

Bitcoin Dominance Slips to 39.7%, While Ethereum Dominance Commands 19%

The price of bitcoin (BTC) reached $69K on November 10, and six days later on the 16th, the price fell below the $60K zone and hasn’t returned above that region since then. Today, according to crypto coin market aggregators there are around 11,117 coins being traded on 525 cryptocurrency exchanges. The value of all more than 11K crypto coins in existence is around $2.81 trillion and it increased in value 3.9% over the last 24 hours.

Bitcoin (BTC) has an overall market capitalization of around $1.1 trillion and on Thursday, November 25, BTC dominance is 39.7%. BTC’s dominance has not been this low since mid-May 2021, or around six months ago. The last time it was lower than 40% prior to the mid-May drop was three years ago on June 17, 2018. Statistics from Coingecko.com indicate that the second leading crypto asset, ethereum (ETH), has around 19% of the market dominance on Thursday. Ether has a market valuation of around $525 billion at the time of writing.

While ethereum (ETH) has a significant portion of dominance, a slew of other crypto assets in the top 20 positions have also been swelling in value and increasing their own dominance levels. Binance coin (BNB) commands 4.02% of the $2.81 trillion crypto economy and the stablecoin tether (USDT) captures 2.74%. Solana (SOL) has increased in value a great deal this year and currently, SOL commands 2.43% of the crypto economy’s overall value. Cardano (ADA) is another that holds more than 2% as ADA’s market valuation on Thursday is 2.13% of the crypto economy.

11,116 Crypto Assets Command $1.71 Trillion in Fiat Value

Only five other crypto assets command more than 1% of the crypto economy’s fiat value and six coins have more than 0.5% of the $2.81 trillion in value. Interestingly, bitcoin (BTC) dominance held above the 60% range for two months this year, but BTC dominance slipped below 60% at the end of February. Another interesting factoid is that BTC dominance held above the 80% region during its whole lifetime (minus a few brief instances) up until the end of February 2017.

BTC’s dominance has never returned back above the 80% region but did reach 70% on January 3, 2021, the network’s 12th anniversary. Bitcoin has a lot more competition than it did in the early days, as before 2013 there were only a few hundred competitors. By the time BTC slid below the 80% dominance range in 2017, there were a few thousand alternative digital assets. Still, BTC is holding its own with $1.1 trillion in fiat value while 11,116 crypto assets hold $1.71 trillion in fiat value.

What do you think about bitcoin’s dominance sinking below the 40% zone? Let us know what you think about this subject in the comments section below.

JPMorgan Predicts When Bitcoin Bear Market Will Be Over

04/07/2021 by Idelto Editor

Global investment bank JPMorgan has predicted that the bitcoin price slump will likely be over when the cryptocurrency’s dominance rises back above 50%. “I think that’s another indicator to watch here in terms of whether this bear phase is over or not,” the firm’s analyst explained.

JPMorgan’s Bitcoin Market Prediction

JPMorgan analyst Nikolaos Panigirtzoglou has shared his view of when he expects the current bitcoin bear market to be over. In an interview with CNBC on Tuesday, the analyst explained that the bitcoin price slump will likely end when the cryptocurrency’s market share of all cryptocurrencies climbs back above 50%. He explained:

A healthy number there, in terms of the share of bitcoin as a percentage of the total cryptocurrency market cap, is 50% or above. I think that’s another indicator to watch here in terms of whether this bear phase is over or not.

“It was like 60% back in the beginning of April,” the JPMorgan analyst recalled, adding that bitcoin’s relatively low market share was a negative signal that suggests interest in BTC remains relatively subdued. However, Panigirtzoglou pointed out that bitcoin’s market share had risen in recent weeks.

Bitcoin’s dominance is currently about 46% and BTC’s price stands at $34,609 at the time of writing, based on data from Bitcoin.com Markets.

While the JPMorgan analyst sees little sign of big investors buying the dip in bitcoin, he noted:

The flow into ethereum funds has slowed over the past two to three weeks, at the same time as the flow into bitcoin funds … has improved. That means there is perhaps a relative value opportunity that some institutional investors are seeing to buy bitcoin and sell other cryptocurrencies.

Last week, another JPMorgan analyst said that the crypto market is healing even though it is not yet healthy. Furthermore, the near-term outlook for the crypto market is “challenging,” the analyst added, warning of more sell-offs.

Panigirtzoglou said earlier this month that there was “an unusual development” in the bitcoin futures trend. “We believe that the return to backwardation in recent weeks has been a negative signal pointing to a bear market,” he wrote.

Meanwhile, JPMorgan’s CEO, Jamie Dimon, said last month during his congressional testimony before the House of Financial Services Committee regarding cryptocurrency that his personal advice to people is to stay away from bitcoin. Nonetheless, he acknowledged that JPMorgan’s clients want exposure to the cryptocurrency.

What do you think about JPMorgan’s bitcoin prediction? Let us know in the comments section below.