Skip to main content

Bitcoin’s Crypto Market Action Holds the Upper Hand as Dominance Level Surpasses 40%

Bitcoin’s Crypto Market Action Holds the Upper Hand as Dominance Level Surpasses 40%

On Jan. 21, 2023, the price of bitcoin reached a 24-hour high of $23,333 per unit at 5 a.m. Eastern Time on Saturday. The entire crypto-economy is now valued at $1.05 trillion after rising 7.2% against the U.S. dollar. Bitcoin’s price rise has led to the crypto asset’s dominance level surpassing the 40% region among thousands of crypto assets, as the digital currency’s market valuation has climbed to $443 billion.

Bitcoin’s Value Rises 37.2% in 30 Days, Pushing Dominance Level Above 40%

Bitcoin jumped above the $23,000 zone on Jan. 21 and the crypto asset’s value is now 37.2% higher than it was 30 days ago. The increase has pushed BTC’s dominance level above the 40% region. According to coinmarketcap.com (CMC) data, BTC’s dominance level on Jan. 21 is around 42.4%.

Bitcoin’s Crypto Market Action Holds the Upper Hand as Dominance Level Surpasses 40%

The leading crypto asset’s dominance level rose above the 40% region after the first week of January 2023. The crypto economy aggregator coingecko.com (CG) indicates that bitcoin’s dominance is around 41.1% on Jan. 21. Bitcoin’s dominance is the digital currency’s market capitalization divided by the crypto economy’s entire market valuation.

From 2009 to 2017, BTC’s dominance level held above the 80% range. But after dropping below 80%, the dominance level never returned to that position. While BTC’s dominance is around 41-42% today, CG metrics show the second-leading crypto asset, ethereum (ETH), has a dominance level of around 18.4%.

CMC data suggests ETH’s dominance is around 19.3% out of the $1.05 trillion in U.S. dollar value. Other major dominant players in January 2023 include tether (USDT) as it commands 6.33% market dominance, and binance coin (BNB) has a dominance level of around 4.57%.

The stablecoin USDC has a market dominance level of around 4.13%, and XRP’s is roughly 1.99%, according to CMC statistics on Saturday afternoon at 11:30 a.m. Eastern Time. Between BTC, ETH, USDT, BNB, USDC, and XRP, the dominance level of all six coins is around 78.72% on Jan. 21. The last time BTC’s dominance was this high was six months ago in mid-July 2022.

What do you think will be the next major development in the crypto market and how will it affect bitcoin’s dominance levels? Share your thoughts about this subject in the comments section below.



from Bitcoin News https://ift.tt/M8dSJEc
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more