Merge Flipping Prediction Fails As Ethereum Market Dominance Drops By 13% In 30 Days – Market Update Bitcoin News
Over the past 35 days, Ethereum has significantly lost market power leading up to the merge. On August 14, 2022, Ethereum, the second largest crypto asset by market capitalization, had a market power of about 19.5%, but three days after its move to Proof of Stake (PoS), he reached 13. % dropped to 16.8%.
In 35 days, Ethereum’s market dominance drops by 13%
Ethereum’s market valuation has fallen significantly over the past month after reaching $1,996 per unit on August 14, 2022. At that time, the market cap of Ethereum was $239.74 billion and his ETH market share in the $1.225 trillion crypto economy was around 19.5%. Bitcoin had a market dominance of about 38.2% at the time, and 35 days ago his BTC market valuation was about $470.79 billion.
While BTC’s market power remains roughly the same, the net value of the crypto economy of $1.225 trillion in August has plummeted to $994 billion today. decreased by 2.2%. Ethereum’s market share is currently down to 16.8% after the second largest cryptocurrency’s market cap fell from $239 billion to his $166.64 billion today.
ETH has suffered a significant loss as Ether fell 5.8% on Sunday and 22.4% over the past seven days, according to 24-hour statistics. Bitcoin (BTC) fell 1.4% on Sunday, while BTC’s weekly stats show the major crypto asset fell 9.1% against the US dollar in terms of market capitalization. In the past day, $58.13 billion in global swaps were executed across the crypto economy, with $12.17 billion or just over 20% of that amount in his ETH trading.
Ethereum has a wide range of trading pairs, with BUSD accounting for 35.10% of ETH swaps today. Tether (USDT) accounted for 33.34% of Ethereum trading on Sunday, while USD accounted for 9.78%. Following USD, BTC swaps accounted for 4.45% of ETH pairs, JPY accounted for 2.33%, and stablecoin USDC accounted for 2.23% of ETH trading volume. Binance and FTX are ETH’s most active trading platforms as of September 18th.
Year-to-date (YTD) stats show ETH is down 59.6% and the second largest crypto asset by market capitalization is down 25.4% over the past 30 days, so Merge brought minimal gains to Ethereum. His ETH trading range for the last 24 hours on Sunday was between $1,471 and $1,376 per unit. In addition to the YTD data, ETH is down 71.7% from its all-time high of $4,878 set 10 months ago on November 10, 2021.
What are your thoughts on Ethereum’s 13% drop in market power last month? Let us know what you think about this in the comments section below.
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Merge Flipping Prediction Fails As Ethereum Market Dominance Drops By 13% In 30 Days – Market Update Bitcoin News
Source link Merge Flipping Prediction Fails As Ethereum Market Dominance Drops By 13% In 30 Days – Market Update Bitcoin News
