Fr. Sep 29th, 2023

• Bitcoin dominance has hit 41.5%—the highest level in 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.

Cryptocurrencies have been on a massive bull run over the last few months, and Bitcoin has been at the forefront of it. According to data from Glassnode, Bitcoin dominance has hit 41.5% as of January 20th—the highest level over six months. This means that Bitcoin is currently dominating the cryptocurrency market, with a significant portion of the market cap being attributed to the world’s largest cryptocurrency.

This surge in Bitcoin dominance can be attributed to the immense amount of capital that has been flowing into the cryptocurrency space over the last few months. As institutions and retail investors alike look to gain exposure to the digital asset, more and more money is being poured into the cryptocurrency market. This has caused Bitcoin’s market cap to increase significantly, allowing it to take up a larger portion of the entire cryptocurrency market.

But Bitcoin isn’t the only cryptocurrency doing well. Ethereum, the second-largest cryptocurrency by market cap, has also seen its dominance increase as of late. According to data from Glassnode, Ethereum dominance is currently at 19.4%, the highest it has been in six months. This increase in Ethereum’s dominance can be attributed to the increasing demand for Ethereum-based applications and DeFi protocols, which have seen an influx of capital over the last few months.

The bullishness in the cryptocurrency market has also been reflected in the overall crypto market cap, which currently sits at just under $1 trillion. This is a significant milestone for the industry, as it shows that cryptocurrencies have come a long way from the days of being considered a niche asset class.

Overall, Bitcoin and Ethereum’s increasing dominance in the crypto market is a reflection of their immense popularity, and it is likely that the two cryptocurrencies will continue to dominate the market in the near future. With more and more money pouring into the cryptocurrency space, it is only a matter of time before the market cap of the entire crypto space surpasses the $1 trillion mark.

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