Since December 31, 2022, ethereum’s market dominance has increased by more than 3% among the thousands of crypto assets worldwide, valued at approximately $856 billion on January 11, 2023. According to coinmarketcap.com , a popular coin market cap aggregation site, ethereum’s crypto market dominance jumped from 18.4% to its current dominance ratio of 19%.
Ethereum’s market share grows amid frenetic surge in cryptocurrency markets
Ethereum (ETH)The second leading crypto asset by market capitalization, has seen its market dominance increase over the past 11 days. ETH has managed to gain against the US dollar, rising roughly 0.48% over the past day. Seven-day metrics show that Ethereum is up 6.55% against the dollar.
For ethereum and all other crypto assets, market dominance is calculated by dividing the market capitalization of ETH by the total market capitalization of all cryptocurrencies combined. As of December 31, 2022, coinmarketcap.com (CMC) metrics archived on archive.org indicate that Ethereum (ETH) it had a market dominance rating of around 18.4% and the overall crypto economy was valued at $796.91 billion.
Data of January 11, 2023, indicates ETHDominance is now 19% among the 22,261 crypto assets listed on CMC, which are valued at approximately $856 billion. According to coingecko.com (CG), the December 31, 2022, ETHThe dominance of was around 17.4% and the overall crypto economy was worth $828 billion. It is important to note that CG metrics are different from CMC, currently, CG shows Ethereum dominance is at 18%. CMC shows ethereum (ETH) the mastery index has increased by 3.26% and, according to CG, the increase was 3.44%.
Both coin market cap aggregation websites show that Bitcoin (BTC) dominance has diminished. CMC metrics indicate BTCThe dominance of fell from 40% to 39.2% in the last 11 days. While CG stats show BTCThe domain rating of that website was 38.5% and is now at 37.6% on January 11, 2023. The dominance of the Ethereum marketplace has seen a steady increase in recent days as both sites Crypto market aggregation websites show this to be the case. The downward trend in the prevalence of bitcoins it is also consistent in the data provided by both websites.
What do you think about the increasing dominance of the ethereum market in the crypto industry in the last 11 days? How do you see this trend evolving in the future? Let us know in the comments section.
image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
