• Bitcoin dominance has hit 41.5%, the highest level in six months.
• Ethereum dominance is also up, currently standing at 19.4%.
• The market cap for the entire crypto space sits at just under $1 trillion.
The crypto market has been experiencing a surge of activity over the past few months, and this is manifested in the rising metrics of Bitcoin and Ethereum dominance. Bitcoin dominance, a metric that measures BTC’s current share of the global crypto market cap versus other cryptocurrencies, has hit 41.5% as of January 20th– the highest level over six months. This means that Bitcoin is currently dominating the crypto market and has a greater share of the total cryptocurrency market capitalization than any other cryptocurrency.
Ethereum dominance is also on the rise, currently standing at 19.4%. This is the highest Ethereum dominance has been since November 2020 and is indicative of the increasing popularity of Ethereum as an asset in the crypto space. The market cap for the entire crypto space currently sits at just under $1 trillion, further demonstrating the strength of the current crypto market.
The BTC-ETH Dominance metric is also a useful tool for gauging the macro outperformance trends between the top two crypto-assets. It looks at Bitcoin’s market cap relative to the combined market cap of Bitcoin plus Ethereum. Lower values and downtrends indicate an outperformance of Ethereum over Bitcoin, which has been the case since early 2021.
Overall, the current crypto market is flourishing, with both Bitcoin and Ethereum dominating the space. The rising dominance metrics of the two major cryptocurrencies is further proof of the strength of the current crypto market, and it will be interesting to see if this trend will continue in the months to come.