{"id":16718,"date":"2023-01-21T19:25:03","date_gmt":"2023-01-21T19:25:03","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoins-crypto-market-action-holds-the-upper-hand-as-dominance-level-surpasses-40-bitcoin-news\/"},"modified":"2023-01-21T19:25:03","modified_gmt":"2023-01-21T19:25:03","slug":"bitcoins-crypto-market-action-holds-the-upper-hand-as-dominance-level-surpasses-40-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoins-crypto-market-action-holds-the-upper-hand-as-dominance-level-surpasses-40-bitcoin-news\/","title":{"rendered":"Bitcoin\u2019s Crypto Market Action Holds the Upper Hand as Dominance Level Surpasses 40% \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n<\/div>\n

On Jan. 21, 2023, the price of bitcoin reached a 24-hour high of $23,333 per unit at 5 a.m. Eastern Time on Saturday. The entire crypto-economy is now valued at $1.05 trillion after rising 7.2% against the U.S. dollar. Bitcoin\u2019s price rise has led to the crypto asset\u2019s dominance level surpassing the 40% region among thousands of crypto assets, as the digital currency\u2019s market valuation has climbed to $443 billion.<\/strong><\/p>\n

Bitcoin\u2019s Value Rises 37.2% in 30 Days, Pushing Dominance Level Above 40%<\/h2>\n

Bitcoin jumped above the $23,000 zone on Jan. 21 and the crypto asset\u2019s value is now 37.2% higher than it was 30 days ago. The increase has pushed BTC<\/a>\u2019s dominance level above the 40% region. According to coinmarketcap.com (CMC) data, BTC<\/a>\u2019s dominance level on Jan. 21 is around 42.4%.<\/p>\n

\"Bitcoin\u2019s<\/p>\n

The leading crypto asset\u2019s dominance level rose above the 40% region after the first week of January 2023. The crypto economy aggregator coingecko.com (CG) indicates that bitcoin\u2019s dominance is around 41.1% on Jan. 21. Bitcoin\u2019s dominance is the digital currency\u2019s market capitalization divided by the crypto economy\u2019s entire market valuation.<\/p>\n

From 2009 to 2017, BTC<\/a>\u2019s dominance level held above the 80% range. But after dropping below 80%, the dominance level never returned to that position. While BTC<\/a>\u2019s dominance is around 41-42% today, CG metrics show the second-leading crypto asset, ethereum (ETH<\/a>), has a dominance level of around 18.4%.<\/p>\n

CMC data suggests ETH<\/a>\u2019s dominance is around 19.3% out of the $1.05 trillion in U.S. dollar value. Other major dominant players in January 2023 include tether (USDT<\/a>) as it commands 6.33% market dominance, and binance coin (BNB<\/a>) has a dominance level of around 4.57%.<\/p>\n

The stablecoin USDC has a market dominance level of around 4.13%, and XRP<\/a>\u2019s is roughly 1.99%, according to CMC statistics on Saturday afternoon at 11:30 a.m. Eastern Time. Between BTC<\/a>, ETH<\/a>, USDT<\/a>, BNB<\/a>, USDC, and XRP<\/a>, the dominance level of all six coins is around 78.72% on Jan. 21. The last time BTC<\/a>\u2019s dominance was this high was six months ago in mid-July 2022.<\/p>\n

\n
\nTags in this story
\n<\/h6>\n
binance coin<\/a>, Bitcoin<\/a>, Bitcoin (BTC)<\/a>, bnb<\/a>, BTC<\/a>, CoinGecko<\/a>, Coinmarketcap<\/a>, Command<\/a>, control<\/a>, crypto assets<\/a>, crypto economy<\/a>, crypto market<\/a>, Digital Currency<\/a>, Digital Currency Markets<\/a>, Dominance<\/a>, Dominance Level<\/a>, ETH<\/a>, Ethereum<\/a>, Ethereum (ETH)<\/a>, Market Capitalization<\/a>, Market Dominance<\/a>, Market position<\/a>, Market Share<\/a>, Market Valuation<\/a>, popularity<\/a>, Stablecoin<\/a>, Supremacy<\/a>, Tether<\/a>, Top spot<\/a>, USDC<\/a>, USDT<\/a>, XRP<\/a><\/div>\n<\/div>\n

What do you think will be the next major development in the crypto market and how will it affect bitcoin\u2019s dominance levels? Share your thoughts about this subject in the comments section below.<\/strong><\/em><\/p>\n

\n
\n<\/div>\n
\n
\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n