On January 21, 2023, the price of bitcoin hit a 24-hour high of $23,333 per unit at 5 a.m. ET on Saturday. The entire crypto economy is now valued at $1.05 billion after rising 7.2% against the US dollar. Bitcoin’s price rise led to the dominance of the crypto asset surpassing the 40% region among thousands of crypto assets, as the market valuation of the digital currency climbed to $443 billion.
Bitcoin’s Value Rises 37.2% in 30 Days, Pushing Reign Over 40%
Bitcoin jumped above the $23,000 zone on January 21 and the cryptocurrency’s value is now 37.2% higher than it was 30 days ago. The increase pushed BTC‘s predominant level above the 40% region. According to coinmarketcap.com (CMC) data, BTCThe prevailing level as of January 21st is around 42.4%.
The dominance level of the leading crypto asset rose above the 40% region after the first week of January 2023. The crypto economy aggregator coingecko.com (CG) indicates that the dominance of bitcoin is around 41.1% on 21- an of January The dominance of Bitcoin is the market of the digital currency. capitalization divided by the total market valuation of the crypto economy.
From 2009 to 2017, BTC‘s dominant level held above the 80% range. But after falling below 80%, the dominant level never returned to that position. While BTCToday’s dominance is around 41-42%, CG metrics show the second leading crypto asset, ethereum (ETH), has a dominance level of approximately 18.4%.
CMC data suggest ETHThe dominance of the US dollar is about 19.3% of the 1.05 billion dollars in US dollars. Other major dominant players in January 2023 include tether (USDT) because it commands 6.33% market dominance, and binance coin (BNB) has a dominance level of approximately 4.57%.
The stablecoin USDC has a market dominance level of about 4.13%, and XRP‘s is about 1.99%, according to CMC statistics Saturday afternoon at 11:30 am Eastern Time. between BTC, ETH, USDT, BNBUSDC, and XRPthe dominant level of all six coins is around 78.72% on January 21st. The last time BTCThe reign of this high was six months ago in mid-July 2022.
What do you think will be the next major development in the crypto market and how will it affect bitcoin’s dominance levels? Share your thoughts on this topic in the comments section below.
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