Bitcoin Crypto Market Action Holds The Top As Dominance Level Surpasses 40% Cryptocurrency

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On January 21, 2023, the price of bitcoin reached a 24-hour high of $23,333 per unit at 5 a.m. EST on Saturday. The entire crypto economy is now valued at $1.05 trillion after rising 7.2% against the US dollar. The rising price of Bitcoin led the crypto asset’s dominance level to surpass the 40% region among thousands of crypto assets, as the digital currency’s market valuation soared to $443 billion.

Bitcoin’s value rises 37.2% in 30 days, pushing dominance level above 40%

Bitcoin jumped above the $23,000 zone on January 21 and the value of the crypto asset is now 37.2% higher than it was 30 days ago. The increase pushed BTC’s dominance level above the 40% region. According to data from coinmarketcap.com (CMC), BTC’s dominance level as of January 21 is around 42.4%.

The dominance level of the leading crypto asset surpassed the 40% region after the first week of January 2023. Crypto-economy aggregator coingecko.com (CG) reports that bitcoin’s dominance is around 41.1% January 21. The domination of bitcoin is the digital currency market. capitalization divided by the total market valuation of the crypto-economy.

From 2009 to 2017, BTC’s dominance level has remained above the 80% range. But after dropping below 80%, the dominance level never returned to that position. While BTC’s dominance is around 41-42% today, CG metrics show that the second crypto asset, ethereum (ETH), has a dominance level of around 18.4%.

CMC data suggests that ETH dominance is around 19.3% on the US$1.05 trillion value. Other major dominating players in January 2023 include tether (USDT) as it dominates the market at 6.33%, and binance coin (BNB) has a dominance level of around 4.57%.

The USDC stablecoin has a market dominance level of around 4.13% and that of XRP is around 1.99%, according to statistics from CMC on Saturday afternoon at 11:30 a.m. EST. Between BTC, ETH, USDT, BNB, USDC, and XRP, the dominance level of the six coins is around 78.72% on January 21. The last time BTC dominance was this high was six months ago in mid-July 2022.

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What do you think will be the next major development in the crypto market and how will it affect bitcoin dominance levels? Share your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.

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