Over the past 35 days, ethereum has lost a significant amount of market dominance leading to consolidation. In the year As of August 14, 2022, the second leading crypto asset by market capitalization, ethereum, had a market dominance of around 19.5%, but three days after the move to proof-of-stake (PoS), it fell 13% to 16.8%.
Ethereum market cap drops 13% in 35 days
Ethereum’s market cap has fallen significantly over the past month after reaching $1,996 per unit on August 14, 2022. At that time, Ethereum’s market cap was $239.74 billion, and ETH’s market dominance was approximately 19.5% of the $1.225 trillion crypto economy. At the time, Bitcoin’s market dominance was approximately 38.2%, and 35 days ago, BTC’s market cap was around $470.79 billion.
While BTC’s market dominance is roughly the same, the crypto economy’s net worth of $1.225 trillion in August has dropped to $994 billion today. The crypto economy lost 2.2% of the US dollar in the last 24 hours. Ethereum’s market dominance is now down to 16.8%, down from $239 billion to $166.64 billion.
According to 24-hour statistics, ETH is down 5.8% on Sunday and 22.4% over the past seven days. While Bitcoin (BTC) fell 1.4 percent on Sunday, BTC’s weekly statistics indicated that the leading crypto asset was down 9.1 percent in market value against the US dollar. Last day, $58.13 billion was transacted on global exchanges across the entire crypto economy, and $12.17 billion, or more than 20%, was ETH trade.
Ethereum has a wide range of trading pairs, with BUSD leading the pack with today’s ETH swap holding 35.10%. Tether (USDT) commands 33.34% of Sunday’s Ethereum trading, and USD holds 9.78%. The greenback commands 4.45% of BTC swaps representing ETH pairs, JPY commands 2.33%, and stablecoin USDC accounts for 2.23% of ETH trading volume. Binance and FTX are the most active trading platforms for ETH on September 18.
The combined year-to-date (YTD) statistics show that ETH is down 59.6% and the second leading crypto asset has lost 25.4% in market value over the past 30 days. ETH trading volume was between $1,471 and $1,376 per unit in the last 24 hours on Sunday. In addition to YTD data, ETH is down 71.7% from its all-time high price of $4,878 posted ten months ago on November 10, 2021.
What do you think about Ethereum’s market dominance slipping 13% in the last month? Let us know what you think about this in the comments section below.
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