While the dominance of bitcoin and ethereum decreases, stablecoin market caps reap rewards

 

While the dominance of bitcoin and ethereum decreases

stablecoin market caps reap rewards

Over the past 30 days, $ 285 billion has left the cryptocurrency economy and bitcoin's dollar value has reached its lowest level

In 2022 at $17,593 per unit on June 18. Moreover, last month's statistics show that bitcoin's dominance of the market was 2.9% higher and Ethereum's dominance of the market was 2.1% higher. What it is today.

Bitcoin and Ethereum's dominance has declined over the past month

The bear cryptocurrency market has caused some damage to the digital currency economy and many are still wondering whether the market massacre will continue. The market experienced a short consolidation period after recent sales, which reduced BTC to $17,593 per unit and ETH to $877 per currency.

Both coins have seen a significant amount of paper value removed since last month and BTC and ETH's dominance of the market has decreased

1. Since then too. At the time
2. On May 27, 2022, BTC was trading for $28,946 per unit.
3. and the price of an ETH unit was $1,745 at the time.

At the time of writing

BTC was exchanging hands for just over $ 21 thousand per unit, while ETH is switched for $1, 221 per unit. BTC dominated the $1.25 trillion crypto economy by 43.9% that day and the ETH rating was 17.1% dominant. After 30 days, data shows that BTC's current dominance is 41%, while ETH accounts for 15% of The entire crypto economy.

Tether Currency, US Dollar Currency, USD Dominance

Acquires Stable Currency Rope (USDT)

It accounts for 6.94% of the net value of the digital currency economy, while the United States dollar currency (USDC) accounts for 5.77%. Tether's market value has grown since last month hovering around 5.72% at the time.

Mid-May

USDC's market value represented 3.77% of the cryptocurrency economy. The BUSD stable currency issued by Binance equals 1.43% of the cryptocurrency economy in terms of dominance, and is today 1.8%. In fact, between USDT, USDC and BUSD, the combined market value is equivalent to 14.51%, which is shy of the dominant ETH rating of 14.7%.

While BTC saw $18.7 billion in global trade volume in the last 24 hours and ETH saw $13.5 billion

• Total trade volume of $32.2 billion still exceeds $48.58 billion over the past day.

• Of all the 24-hour bitcoin trades, 60.62% of these bitcoin trades are paired with a rope (USDT).

• With low dominance rates for both BTC and ETH, sellers seem to gravitate towards stablecoins.

• This trend suggests that it is possible but not guaranteed that a lot of stablecoins are people waiting on the margin ETH and BTC bottoms