• Bitcoin dominance has hit 41.5% as of Jan. 20 — the highest level over six months.
• Ethereum dominance is also up and currently stands at 19.4%.
• The market cap for the entire crypto space sits at just under $1 trillion.
The crypto world is abuzz with the news that Bitcoin’s dominance has hit 41.5% as of Jan. 20, the highest level it has been since July of 2022. This metric measures Bitcoin’s current share of the global crypto market cap versus other cryptocurrencies. The news of Bitcoin’s increased dominance is also accompanied by an increase in Ethereum’s dominance, currently standing at 19.4%.
The current market cap for the entire crypto space sits at just under $1 trillion, making it one of the largest asset classes in the world. The BTC-ETH Dominance metric is an oscillator that tracks the macro outperformance trends between the top two crypto-assets. The lower values and downtrends of the metric indicate an outperformance of ETH over Bitcoin, meaning that Ethereum has been outperforming Bitcoin since early 2021.
Investors have been watching the crypto space closely as Bitcoin’s dominance reaches new highs. Many are speculating as to what will happen next and if Bitcoin’s dominance will continue to grow. With the continued growth of the crypto space and the increasing awareness of its potential, it is likely that Bitcoin will remain a key player in the market. Even though Ethereum has been outperforming Bitcoin in recent months, it is still far behind Bitcoin in terms of market cap.
However, one thing is certain, the crypto market is a highly volatile one and anything can happen at any moment. As more people become aware of the potential of crypto assets, it is highly likely that the market will continue to grow and become more stable. As more people invest in crypto assets, the market cap will continue to rise and the crypto space will become more mature.