Over the past 11 days, Ethereum’s share of the global crypto asset market has grown by more than 3%, bringing its total market capitalization to over $856 billion as of January 11, 2023. According to Coinmarketcap.com, an online resource for tracking cryptocurrency market caps, Ethereum’s dominance rating has increased from 18.4% to 19%.
Ethereum’s Market Share on the Rise Amidst Growing Crypto Market
Ethereum (ETH) has seen a steady rise in value against the US Dollar, increasing by 0.48% over the past day. According to the seven-day metrics, ETH is now up 6.55% against the dollar.
Ethereum’s dominance rate can be calculated by dividing its total market capitalization by the overall market cap of all crypto assets. As of December 31, 2022, Coinmarketcap.com (CMC) data showed Ethereum’s dominance rating of 18.4%, with a total crypto market value of around $796.91 billion.
As of January 11, 2023, CMC’s data shows that ETH’s dominance rate has now reached 19% among the 22,261 crypto assets listed on the site, which are now worth an aggregate of $856 billion. CoinGecko (CG), another popular market aggregation site, showed a different set of metrics; on December 31, 2022, CG reported Ethereum’s dominance rate at 17.4%, and the total crypto economy was worth $728 billion. CG currently shows Ethereum’s dominance rate of 18%. CMC reports a 3.26% increase in Ethereum’s domain index, while CG shows a 3.44% increase.
Both Coinmarketcap websites show that Bitcoin’s (BTC) dominance rate has decreased. CMC reports that BTC’s dominance rate has dropped from 40% to 39.2% in the past 11 days, while CG’s figures indicate that BTC’s dominance rate on the site was 38.5% and is now at 37.6% as of January 11, 2023. Ethereum’s dominance rate has been on the rise, according to data from both aggregation websites, while Bitcoin’s dominance continues to decline.
What are your thoughts on Ethereum’s growing dominance in the crypto market over the last 11 days? How do you see this trend playing out in the future? Let us know your thoughts in the comments below.
