• On Jan. 21, 2023, the price of bitcoin reached a 24-hour high of $23,333 per unit, pushing the entire crypto-economy to a total valuation of $1.05 trillion.
• Bitcoin’s dominance level has climbed to 42.4% of the crypto-economy, surpassing the 40% region among thousands of crypto assets.
• Major crypto assets such as ethereum, tether, and binance coin also have significant market dominance.
On Saturday, January 21st, 2023, the price of bitcoin set a 24-hour high of $23,333 per unit, pushing the entire crypto-economy to a total valuation of $1.05 trillion. This 7.2% increase against the U.S. dollar was driven by the impressive surge in the price of bitcoin, which has led to its dominance level surpassing the 40% region among the thousands of crypto assets available today.
Coinmarketcap.com (CMC) data shows that bitcoin’s dominance level on January 21st is around 42.4%. This is 37.2% higher than it was 30 days ago and indicates that the leading crypto asset has firmly established itself as the dominant player in the crypto-economy. Bitcoin’s dominance is calculated by dividing its market capitalization by the total market valuation of the crypto-economy. In the past, from 2009 to 2017, BTC’s dominance level held above the 80% range. However, it has since dropped below this level and has not returned.
The second-leading crypto asset, ethereum (ETH), has a dominance level of around 18.4% according to CMC data, and 19.3% according to coingecko.com (CG) metrics. Tether (USDT) commands 6.33% market dominance, while binance coin (BNB) has a dominance level of around 4.57%. The stablecoin USDC has a market dominance of 2.19%.
It is clear that bitcoin is currently the dominant player in the crypto-economy, with its market capitalization accounting for more than 40% of the total market valuation. This indicates that many investors are still confident in the long-term prospects of the crypto asset and are willing to invest in it despite its volatility. As the crypto-economy continues to grow, investors will continue to monitor the developments of the other major crypto assets and their respective dominance levels.