• Wed. Jun 22nd, 2022

Bitcoin market dominance nears yearly high as Ethereum share drops sharply

ByHazel R. Lang

Jun 7, 2022

The majority of the cryptocurrency market is currently back on the downside, while the global crypto market capitalization stands at $1.22 trillion, losing 5.75% on the day.

However, the market cap dominance of two of its largest assets by market cap couldn’t be further away.

Specifically, Bitcoin’s (BTC) market cap dominance reached 47.52% on June 6, its highest market share since July 2021, according to a report. TradingView chart published by crypto journalist Colin Wu aka Wu blockchainJune 7.

On the other hand, the market capitalization of Ethereum (ETH) on June 6 was 17.74%, which is a new low for the digital asset since October 2021, Wu said in the tweet.

Bitcoin market cap dominance on TradingView. Source: Wu blockchain

The market dominance of a cryptocurrency refers to its market capitalization relative to the market capitalization of all other cryptocurrencies. In other words, it is a measure of the share of the asset in the global crypto market capitalization.

Current market capitalization of Bitcoin and Ethereum

At press time, Bitcoin’s market cap stood at $569.66 billion, while the same indicator for Ethereum was $215.85 billion. Both have seen dramatic declines in their prices and market capitalization since the start of the year.

Indeed, Bitcoin’s market capitalization as of January 1 was $883.89 billion, while Ethereum’s stood at $442.76 billion concurrently, according to data from CoinMarketCap.

As for the total crypto market cap, it stood at $1.23 trillion at the time of publication.

Despite recovering market capitalization to $2 trillion in late March, the market failed to maintain momentum and was already below $1.9 trillion by mid-April, ending at 38 .5% lower than its peak in March.

Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.

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