Ethereum is the Queen: The market cap of Ethereum (20% of total market) is now higher than all other alt coins combined (19% of total market), something that has not happened in years
1 min read
This is definitely Bitcoin season. Bitcoin is King: Bitcoin just hit 50% dominance for the first time since April 2021. This means that 50% of the entire cryptocurrency market cap is invested at Bitcoin right now. Bitcoin has been outperforming almost every altcoin for many months already. The Altcoin Season Index sums it up:
But, while Bitcoin is the King, Ethereum is definitely the Queen. Ethereum holds 20% of the total market cap of crypto. This is pretty damn incredible performance during the bear market. Ethereum’s dominance has been essentially flat since May 2021 at 20%. It shows how Ethereum is the other “crypto blue chip” next to Bitcoin.
Ethereum dominance. Ethereum currently holds 20% of the market cap of the entire crypto market
Meanwhile, altcoins have steadily been losing dominance. The chart below shows the dominance of Bitcoin (yellow, going up), Ethereum (purple, crabbing) and all other alt coins (green, falling). We just saw a cross of purple and green, meaning that the dominance of Ethereum is now finally higher than that of all other alt coins.
We often joke about inverse r/CryptoCurrency, but those who have been telling others to DCA Bitcoin and Ethereum during this bear market are providing amazing advice. Both are outperforming the rest of the market really hard.
submitted by /u/Beyonderr
[link] [comments]
