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Ethereum’s Market Share Grows Amid Frenzied Surge In Crypto Markets



Ethereum (ETH), the second-leading crypto market asset by market capitalization, has seen an increase in its market dominance over the past 11 days.


It has been reported that ETH has managed to gain against the US dollar, climbing approximately 0.48% during the last day. Seven-day metrics show Ethereum has risen 6.55% against the greenback.


However, 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) had a market dominance rating of around 18.4% and the overall crypto economy was valued at $796.91 billion.


The report said that data from January 11, 2023, indicates ETH’s dominance is now at 19% among the 22,261 crypto assets listed on CMC, which are valued at around $856 billion. According to coingecko.com (CG), on December 31, 2022, ETH’s dominance was around 17.4% and the overall crypto economy was worth $828 billion.


Likewise, CG’s metrics are different than CMC’s, currently, CG shows Ethereum’s dominance is at 18%. CMC shows Ethereum’s (ETH) dominance rating has increased by 3.26%, and according to CG, the increase was by 3.44%.


Both coin market cap aggregation websites show that Bitcoin (BTC) dominance has decreased. CMC metrics indicate BTC’s dominance dipped from 40% to 39.2% over the past 11 days. While CG statistics show BTC’s dominance rating on that website was 38.5% and it is now at 37.6% on January 11, 2023.


Thus, Ethereum’s market dominance has seen a steady increase in recent days as both crypto market aggregation websites show this is the case. The trend of decreasing dominance of Bitcoin is also consistent in the data provided by both websites.


Source: Bitcoin.com


 

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