Nearly all of the cryptocurrency market is at present again to buying and selling bearishly, whereas the worldwide crypto market capitalization stands at $1.22 trillion, shedding 5.75% on the day.
Nonetheless, the market capitalization dominance of two of its largest property by market cap couldn’t be additional aside.
Particularly, the market capitalization dominance of Bitcoin (BTC) reached 47.52% on June 6, which is its highest market share since July 2021, in accordance with a TradingView chart published by crypto reporter Colin Wu, aka Wu Blockchain, on June 7.
Alternatively, the market capitalization of Ethereum (ETH) on June 6 was 17.74%, which is a brand new low for the digital asset since October 2021, Wu mentioned within the tweet.
A cryptocurrency’s market dominance refers to its market cap relative to the market cap of all different cryptocurrencies. In different phrases, it’s a measure of the asset’s share within the international crypto market cap.
Bitcoin and Ethereum’s present market cap
At press time, the market cap of Bitcoin stood at $569.66 billion, whereas the identical indicator for Ethereum was $215.85 billion. Each have skilled dramatic drops of their costs and market cap for the reason that yr’s flip.
Certainly, Bitcoin’s market cap on January 1 was $883.89 billion, whereas Ethereum’s stood at $442.76 billion concurrently, in accordance with CoinMarketCap knowledge.
So far as the entire crypto market cap is anxious, it stood at $1.23 trillion on the time of publication.
Regardless of reclaiming the $2 trillion market cap on the finish of March, the market did not maintain the momentum and was already beneath the $1.9 trillion mark by mid-April, solely to finish up at 38.5% decrease from its March excessive.
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