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 Over 44% of $2 Trillion Crypto Economy
The market dominance of Bitcoin (BTC) has increased while the crypto-economy dominance of Ethereum (ETH) has declined over the past two weeks. Market dominance is the overall valuation of the crypto asset relative 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 changes in market dominance 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) at 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.
After XRP, it is the market valuation of terra (LUNA) that commands 1.22% of the crypto economy, and that of polkadot (DOT) 1.03%. The $173 billion in stablecoins represent 8.30% of the crypto economy and the $738 billion in smart contract platforms represent 35.36% of the value of all 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.
