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CATEGORY: market dominance


Dec 29, 2021 12:10

Bullish Signal? Ethereum Market Dominance Sitting Above 20%

In the last five years, Ethereum has not only taken a significant market share from bitcoin, but it has consistently grown in the same time period. While bitcoin had maintained the majority of the market dominance for the longest time, it has not taken altcoins a long time to come for the majority share. In fact, this year, the market dominance of bitcoin feller 50%. As ethereum’s market dominance has grown, it is important to look at what this might mean for the digital asset and how it may play out in the future. Ethereum has no doubt had an incredible run this year but does growing market dominance indicate a continuous rally? Related Reading | Only In Crypto: A Croissant Explains Web3 And NFTs To Elon Musk Ethereum Dominance On The Rise Ethereum’s market cap had grown as a result of the price surge that the digital asset recorded this year. At almost $500 billion, it remains at only about half of bitcoin’s market cap but has grown to become one of the most valuable assets in the world. Following this, the market dominance of the altcoin has also risen as adoption of the asset had grown rapidly. In the space of a year, the market dominance of the asset has grown 10%, taking most of the share from bitcoin. This has been an indicator of how much the cryptocurrency had grown, as well as some long-term implications. ETH trading at $3,918 | Source: ETHUSD on TradingView.com As ethereum continues to maintain such a large dominance of the market, it solidifies its place as one of the most valuable cryptocurrencies in the space. With its numerous use cases such as DeFi and NFTs, in addition to its real-world applications, it is expected that ethereum will continue to see a larger share of the market dominance. What this will mean for the altcoin is pretty simple. With this kind of rapid adoption will come more demand and as the ETH burn continues to reduce the supply of coins in the market, the value of the digital asset could be hitting new highs in the coming months. Altcoins Taking Control Of The Market In a recent report from TradingPlatforms, it is outlined that altcoins have tripled their market dominance in the last seven years. At one point, bitcoin maintained over 90% of the market dominance. However, as more altcoins like ethereum have grown into prominence and seen rising adoption, this number has dropped significantly. The report states that the rise in altcoin dominance has been a result of a mindset shift when it comes to cryptocurrencies. Many investors believe that bitcoin has already grown too much and is too expensive and as such, are looking at what they believe to be ‘the next bitcoin.’ This has led to the adoption of altcoins as an alternative to bitcoin. Related Reading | Crypto Research Analyst Puts Ethereum At $9,000 In Six Months The author also notes that higher market dominance translates to higher market caps, which in turn plays a major role when it comes to how a cryptocurrency is ranked. Investors will usually look at market caps to determine if a cryptocurrency is ‘safe’ to invest in and “in essence, it’s a pointer to how stable the asset is,” the report reads. Going by this, ethereum may be headed for higher adoption as more investors look towards its market dominance as an indicator of its stability. This points to bullish tendencies as the new year rolls around. Featured image from ElevenNews, chart from TradingView.com

Jun 14, 2023 05:50

New Study Highlights Bitmain’s S19 Mining Rigs Dominate Bitcoin Network’s Hashrate 

Coin Metrics researchers published a groundbreaking study on June 13, unveiling an innovative nonce analysis methodology for bitcoin mining. This research enables experts to dissect and identify the specific mining rigs responsible for contributing hashrate to the network, while also evaluating the energy consumption and effectiveness of these machines. Intriguingly, the data reveals that Bitmain [...]

The post New Study Highlights Bitmain’s S19 Mining Rigs Dominate Bitcoin Network’s Hashrate  appeared first on Crypto Breaking News.

Nov 07, 2024 02:15

CryptoPunks and BAYC Retain Dominance in NFT Market Amid Shifts


CryptoPunks and Bored Ape Yacht Club (BAYC) dominate the NFT market with over 40% share, despite market shifts from 2022 to 2024, as reported by CoinGecko. (Read More)

Jun 11, 2023 05:50

Bitcoin Dominance Soars to 47.5%: Highest Level in a Year as Other Crypto Assets Suffer

On June 10, 2023, bitcoin is dominating with a market capitalization dominance of 47.5%, marking its highest level since this time last year, according to coinmarketcap.com. Meanwhile, ethereum’s dominance is holding steady at 20%, indicating that the recent dominance gains made by these two crypto assets have come at the expense of other digital currencies. [...]

The post Bitcoin Dominance Soars to 47.5%: Highest Level in a Year as Other Crypto Assets Suffer appeared first on Crypto Breaking News.

Jun 07, 2023 10:30

The Bitcoin Rich List: An In-Depth Look at the Largest Bitcoin Wallets in Existence Since 2014

Over the past decade, several bitcoin wallets have been named the largest in existence. However, since 2021, Binance has controlled the largest bitcoin address, which currently holds 248,597 BTC and is worth approximately $6.66 billion. Just over nine years ago, the largest wallet belonged to the U.S. government after it seized 144,342 BTC from the [...]

The post The Bitcoin Rich List: An In-Depth Look at the Largest Bitcoin Wallets in Existence Since 2014 appeared first on Crypto Breaking News.

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