Merge Flippening Predictions Fail as Ethereum’s Market Dominance Drops 13% in 30 Days
During the last 35 days, ethereum has lost a significant amount of market dominance leading up to The Merge. On August 14, 2022, the second leading crypto asset by market capitalization, ethereum, had a market dominance of around 19.5% but three days after the transition to proof-of-stake (PoS), it’s down 13% lower to 16.8%. In 35 Days, Ethereum’s Market Dominance Slides 13% Lower
Ethereum’s market valuation has dropped a great deal during the past month after reaching $1,996 per unit on August 14, 2022. At that time, ethereum’s market cap was $239.74 billion, and ETH’s market dominance out of the $1.225 trillion crypto economy was roughly 19.5%. Bitcoin’s market dominance was approximately 38.2% at the time, and 35 days ago, BTC’s market valuation was around $470.79 billion. Dominance statistics archived from Coingecko.com on August 14, 2022, and Sunday, September 18, 2022. Statistics recorded at 6:55 p.m. (ET).
While BTC’s market dominance has remained roughly the same, the crypto economy’s net value of $1.225 trillion back in August has plunged to today’s $994 billion. The crypto economy has lost 2.2% in USD value during the last 24 hours. Ethereum’s market dominance is now down to 16.8% after the second leading crypto asset’s market cap slipped from $239 billion to today’s $166.64 billion. ETH/USD on September 18, 2022. Statistics recorded at 20:58 p.m. (UTC).
ETH has taken significant losses as 24-hour statistics show ether is down 5.8% on Sunday and 22.4% over the past seven days. While bitcoin (BTC) is down 1.4% on Sunday, BTC’s weekly stats indicate the leading crypto asset by market cap is down 9.1% against the U.S. dollar. During the past day, $58.13 billion in global swaps were executed across the entire crypto economy, and $12.17 billion or just over 20% of that volume has been ETH trades.
Ethereum has a broad spectrum of trading pairs with BUSD leading the pack capturing 35.10% of today’s ETH swaps. Tether (USDT) commands 33.34% of Sunday’s ethereum trades, and USD captures 9.78%. The greenback is followed by BTC swaps representing 4.45% of ETH pairs, JPY commands 2.33%, and the stablecoin USDC captures 2.23% of ETH’s trade volume. Binance and FTX are ETH’s most active trading platforms on September 18.
The Merge brought minimal gains to ethereum as year-to-date (YTD) statistics show ETH is down 59.6% and during the past 30 days, the second leading crypto asset by market cap lost 25.4%. During the past 24 hours on Sunday, ETH’s trading range has been between $1,471 per unit to $1,376 per unit. In addition to YTD data, ETH is down 71.7% since the $4,878 all-time price high printed ten months ago on November 10, 2021. Tags in this story 13% Dominance, BTC Dominance, BTC swaps, BUSD, crypto assets, Crypto markets, Dominance, ETH dominance, Market Caps, Market Dominance, market updates, swaps, Tether, The Merge, trade volume, trading, USDC, USDT, volume
What do you think about ethereum’s market dominance sliding 13% during the last month? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Historical Bitcoin Price Trends Are Traditionally Bearish in September, While BTC Market Revivals Follow in October MARKET UPDATES | 1 day ago Biggest Movers: LUNC up 20% on Saturday, XRP Moves Towards 1-Week High MARKET UPDATES | 1 day ago
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