Skip to content

Bitcoin’s market dominance nears a year-high as Ethereum’s share sharply declines

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

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

Specifically, the market capitalization dominance of Bitcoin (BTC) reached 47.52% on June 6, which is its highest market share since July 2021, according to a TradingView chart published by crypto reporter Colin Wu, aka Wu Blockchain, on June 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

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

Bitcoin and Ethereum’s current market cap

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

Indeed, Bitcoin’s market cap on January 1 was $883.89 billion, while Ethereum’s stood at $442.76 billion simultaneously, according to CoinMarketCap data.

As far as the total crypto market cap is concerned, it stood at $1.23 trillion at the time of publication.

 Despite reclaiming the $2 trillion market cap at the end of March, the market failed to sustain the momentum and was already below the $1.9 trillion mark by mid-April, only to end up at 38.5% lower from its March high.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts