• Bitcoin dominance has hit 41.5% as of Jan. 20 — the highest level over six months.
• Ethereum dominance is also up and currently stands at 19.4%.
• The market cap for the entire crypto space sits at just under $1 trillion.
The crypto space is buzzing with excitement as Bitcoin dominance has hit 41.5% as of Jan. 20 — the highest level over the last six months. This is an impressive feat that highlights the strength of the world’s leading cryptocurrency and its increasing influence on the crypto market.
At the same time, Ethereum dominance is also on the rise and currently stands at 19.4%, indicating that the second largest cryptocurrency is also performing well. This is a strong sign for the industry as a whole, as the two largest coins in the space are both performing well.
The overall market cap for the entire crypto space is also at an impressive level, sitting just under $1 trillion. This is a remarkable figure, especially considering the fact that the crypto market was valued at just over $200 billion just one year ago.
The rise in Bitcoin dominance is not only a testament to the strength of the asset, but also a sign of the increasing shift towards digital assets. As investors continue to flock to the crypto space, the market is only likely to continue growing.
It is also worth noting that the BTC-ETH Dominance metric is an oscillator that tracks the macro outperformance trends between the top two crypto-assets. Lower values here indicate an outperformance of ETH over the pink line, meaning that the altcoin has been outperforming Bitcoin since early 2021.
All in all, the crypto market is in a strong position and the rise in Bitcoin dominance is a positive sign for the future of the industry. With the overall market cap for the entire crypto space sitting just under $1 trillion, it is clear that the space is maturing and continuing to grow. Investors should remain cautiously optimistic and continue to monitor developments in the space as the market continues to evolve.