{"id":21247,"date":"2022-06-28T14:41:06","date_gmt":"2022-06-28T14:41:06","guid":{"rendered":"http:\/\/egrowonline.com\/?p=21247"},"modified":"2022-06-28T14:41:06","modified_gmt":"2022-06-28T14:41:06","slug":"while-bitcoin-and-ethereum-dominance-slides-stablecoin-market-caps-reap-the-rewards-market-updates-bitcoin-news","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=21247","title":{"rendered":"While Bitcoin and Ethereum Dominance Slides, Stablecoin Market Caps Reap the Rewards \u2013 Market Updates Bitcoin News"},"content":{"rendered":"


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During the past 30 days, $285 billion has left the crypto economy and bitcoin\u2019s USD value hit a 2022 low at $17,593 per unit on June 18. Moreover, last month\u2019s statistics show bitcoin\u2019s market dominance was 2.9% higher and ethereum\u2019s market dominance was 2.1% higher than it is today. <\/strong><\/p>\n

Bitcoin and Ethereum Dominance Has Dropped Over the Last Month<\/h2>\n

The crypto bear market has done some damage to the digital currency economy and many continue to wonder if the market carnage will continue. The market has seen a brief consolidation period after the most recent sell-off, which took BTC<\/a> down to $17,593 per unit and ETH<\/a> dipped to $877 per coin.<\/p>\n

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A visual of the top market capitalizations among 13,385 crypto assets on June 28, 2022.<\/figcaption><\/figure>\n

Both coins have seen a significant amount of fiat value removed since last month and BTC<\/a>\u2019s and ETH<\/a>\u2019s market dominance has decreased since then as well. At the time, BTC<\/a> was trading for $28,946 per unit on May 27, 2022<\/a>, and ETH<\/a> was exchanging hands for $1,745 per unit.<\/p>\n

At the time of writing, BTC<\/a> is exchanging hands for just above $21K per unit, while ETH<\/a> is swapping for $1,221 per unit. BTC<\/a> dominated the $1.25 trillion crypto economy by 43.9% on that day and ETH<\/a> had a dominance rating of 17.1%. 30 days later, data shows that BTC<\/a>\u2019s current dominance is 41%, while ETH<\/a> commands 15% of the entire crypto economy.<\/p>\n

Tether, USD Coin, and BUSD Dominance Swells<\/h2>\n

The stablecoin tether (USDT<\/a>) captures 6.94% of the digital currency economy\u2019s net value and usd coin (USDC) commands 5.77%. Tether\u2019s market cap has grown since last month as it was hovering around 5.72% at that time.<\/p>\n

In mid-May, USDC\u2019s market capitalization represented 3.77% of the crypto economy. The Binance-issued stablecoin BUSD equated to 1.43% of the crypto economy in terms of dominance, and today it\u2019s 1.8%. In fact, between USDT<\/a>, USDC, and BUSD, the combined market capitalizations equate to 14.51%, which is just shy of ETH<\/a>\u2019s 14.7% dominance rating.<\/p>\n

While BTC<\/a> saw $18.7 billion in global trade volume during the past 24 hours and ETH<\/a> saw $13.5 billion, the combined $32.2 billion in trade volume is still eclipsed by USDT<\/a>\u2019s $48.58 billion during the last day. Out of all the 24-hour BTC<\/a> trades, 60.62% of those bitcoin trades are paired with tether (USDT<\/a>).<\/p>\n

With lower dominance ratings for both BTC<\/a> and ETH<\/a>, it seems sellers gravitated towards stablecoins. This trend suggests that it is possible but not guaranteed that much of the stablecoin funds are people waiting on the sideline for ETH<\/a>\u2019s and BTC<\/a>\u2019s official bottoms.<\/p>\n

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30 day stats<\/a>, Bitcoin<\/a>, bitcoin dominance<\/a>, BTC<\/a>, BTC Dominance<\/a>, BUSD<\/a>, crypto market update<\/a>, Cryptocurrencies<\/a>, Dominance<\/a>, ETH<\/a>, ETH dominance<\/a>, Ethereum<\/a>, Global Trade Volume<\/a>, Market Caps<\/a>, Market Update<\/a>, Markets<\/a>, monthly stats<\/a>, Stablecoins<\/a>, Tether<\/a>, usd coin<\/a>, USDC<\/a>, USDT<\/a>, USDT trade volume<\/a><\/div>\n<\/div>\n

What do you think about bitcoin\u2019s and ethereum\u2019s dominance ratings sliding during the last 30 days, while stablecoin market caps have swelled? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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