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On January 21, 2023, the bitcoin price hit a 24-hour high of $23,333 per unit at 5 a.m. Eastern Time on Saturday. The entire crypto economy is now worth $1.05 trillion after rising 7.2% against the US dollar. The rise in the price of Bitcoin has caused the level of dominance of the crypto asset to surpass the 40% region among thousands of crypto assets, as the market valuation of the digital currency has risen to $443 billion.
Bitcoin Value Up 37.2% in 30 Days, Pushing Domination Rate Above 40%
Bitcoin surged 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 rise has pushed BTC’s dominance rate above the 40% region. According to coinmarketcap.com (CMC) data, the dominance rate of BTC on January 21 was around 42.4%.
The dominance rate of the leading crypto asset rose above the 40% region after the first week of January 2023. Crypto economic aggregator coingecko.com (CG) indicated that bitcoin dominance was around 41.1% on January 21. Bitcoin dominance is the digital currency market capitalization divided by the entire crypto economy market valuation.
From 2009 to 2017, BTC’s dominance rate stayed above the 80% range. But once it fell 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 rate of around 18.4%.
CMC data shows the dominance of ETH at around 19.3% of the value of $ 1.05 trillion US dollars. Other major dominant players in January 2023 include tether (USDT) as it dominates the market at 6.33%, and binance coin (BNB) has a dominance rate of around 4.57%.
The USDC stablecoin has a market dominance rate of around 4.13%, and XRP is roughly 1.99%, according to CMC stats as of Saturday afternoon at 11:30 AM Eastern Time. Between BTC, ETH, USDT, BNB, USDC, and XRP, the dominance rate of the six coins was around 78.72% as of January 21. The last time BTC dominance was this high was six months ago in mid-July 2022.
What do you think will be the next big development in the crypto market and how will it affect bitcoin’s level of dominance? Share your thoughts on this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, WikiCommons
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