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.
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.