The second-largest cryptocurrency in terms of market capitalization, ethereum, has come awfully close to reaching the digital asset’s all-time high ($4,878) it reached 21 days ago on November 10. While bitcoin dominance has slid below the 40% zone, ethereum’s market dominance, or $557 billion market valuation, represents close to 20% of the crypto economy.
Ethereum price trajectory nears record high – Ether market dominance increases
Over the past two weeks, Ethereum (ETH) has risen 10.8% in fiat value and since the start of the year (YTD) ETH has increased by 668%. The YTD ether gains are much larger than the 190% 12-month increase in Bitcoin (BTC). At the time of writing this article, ETH’s global trading volume is $ 31 billion and Ethereum has a market cap of around $ 557 billion. While BTC holds a 38.7% dominance rating, 19.9% is owned by Ethereum and the rest is held by the 11,289 crypto assets in existence today.
The top trading pair with ethereum is the stablecoin tether (USDT) as it commands 44.6% of all ether swaps. This is followed by USD (21.33%), BTC (9.69%), BUSD (8.37%), EUR (4.18%), KRW (2.56%), and JPY (1.69%). Over the last 24 hours of ETH trading, Binance has been the most active trading platform followed by Coinbase, Gemini, Kraken, Bitstamp, Luno, and Bitfinex. Onchain metrics from Into the Block crypto analytics indicate that holders making money at current ETH prices is around 99% today.
Statistics show that the concentration of large ethereum holders is 42%, unlike the concentration of 11% of large bitcoin holders. 59% of ETH holders have held for a year or more while 32% have held for one month to 12 months. Only 9% of ETH holders now hold less than a month according to onchain metrics. In the past seven days, there have been $ 74.75 billion in ether transactions over $ 100,000.
The aggregate of ether transaction demographics shows 51% stemmed from the Western Hemisphere, while 49% derived from the East. There are seven ETH whales with 21.19% of the circulating supply or 24.89 million ether according to Into the Block stats. Just over 20% of the ether supply is held by institutional investors and 57.89% or 68 million ether belongs to retail investors.
Ethereum’s market cap commands 50.9% of the overall Bitcoin market valuation
Total foreign exchange inflows last week were $ 8.22 billion while foreign exchange outflows were $ 8.86 billion in ether. Ethereum saw a 13.45% increase in new addresses last week and a 9.95% increase in active addresses.
Since March 2016, Ethereum’s hashrate has increased from 1.5 terahash (TH/s) to 956.25 TH/s at the time of writing. ETH’s hashrate has increased, following the rise in price, by a whopping 63,233% since 2016. Ethereum’s hashrate has never been higher, and at 956.25 TH/s or 0.957 petahash per second (PH/s), it’s awfully close to 1 PH/s.
Currently, Ethereum (ETH) is only 3.8% lower than the ATH of the crypto asset which was $ 4,878 per unit on November 10. Ethereum’s 24-hour block rewards topped Bitcoin’s (BTC) daily rewards by more than 124%. According to statistics from The Flippening Watch, ethereum controls 50.9% of BTC’s current market cap and captures 80% of the trading volume that BTC has seen today.
