Ethereum Moving to Become Crypto Market Cap. Leader and Will Eclipse BTC in the Years to Come.
Ethereum, the second-largest cryptocurrency by market capitalization, is very close to hitting its all-time record ($4,878) which it reached 21 days ago, November 10. Although bitcoin dominance is now below 40%, ethereum’s market dominance of $557 billion represents almost 20% of the crypto economy.
Ethereum Price Trajectory Closes to All-Time High — Ether Market Predominance Increases
ETH (ETH) has seen a 10.8% increase in fiat currency over the past two weeks. Year-to-date (YTD) ETH has seen a 668% increase. The YTD ether gains is much greater than the bitcoin (BTC) 190% 12-month growth. Global ETH trade volume is around $31 billion at the time of writing. ethereum’s market capitalization is approximately $557 billion. BTC has a 38.7% dominance score, but 19.9% is owned by ethereum and the rest by the 11,289 existing crypto assets.
The top trading pair with ethereum is the stablecoin tether (USDT) as it commands 44.6% of all ether swaps. This is followed by USD (21.33%), BTC (9.69%), BUSD (8.37%), EUR (4.18%), KRW (2.56%), and JPY (1.69%). Over the last 24 hours of ETH trading, Binance has been the most active trading platform followed by Coinbase, Gemini, Kraken, Bitstamp, Luno, and Bitfinex. Onchain metrics from Into the Block crypto analytics indicate that holders making money at current ETH prices is around 99% today.
Statistics show that concentration by large ethereum holders is 42% in contrast to the 11% concentration by large bitcoin holders. 59% of ETH holders have held for a year or more while 32% have held for a month to 12 months. Only 9% of ETH holders today have held for less than a month according to onchain metrics. During the last seven days, there was $74.75 billion worth of ether transactions greater than $100K.
The aggregate of ether transaction demographics shows 51% stemmed from the Western Hemisphere, while 49% derived from the East. There are seven ETH whales with 21.19% of the circulating supply or 24.89 million ether according to Into the Block stats. Just over 20% of the ether supply is held by institutional investors and 57.89% or 68 million ether belongs to retail investors.
Ethereum Market Cap Commands 50.9% of Bitcoin’s Overall Market Valuation
Total exchange inflow last week was $8.22 billion while exchange outflow was $8.86 billion in ether. Ethereum saw a 13.45% increase in new addresses this past week and a 9.95% increase in active addresses.
Since March 2016, Ethereum’s hashrate has increased from 1.5 terahash (TH/s) to 956.25 TH/s at the time of writing. ETH’s hashrate has increased, following the rise in price, by a whopping 63,233% since 2016. Ethereum’s hashrate has never been higher, and at 956.25 TH/s or 0.957 petahash per second (PH/s), it’s awfully close to 1 PH/s.
Currently, ethereum (ETH) is only 3.8% lower than the crypto asset’s ATH which was $4,878 per unit on November 10. Ethereum’s 24-hour block rewards have surpassed Bitcoin’s (BTC) daily rewards by more than 124%. According to statistics from The Flippening Watch, ethereum commands 50.9% of BTC’s current market cap and captures 80% of the trade volume BTC has seen today.
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What do you think about ethereum’s recent market and network performance during the last week? Let us know what you think about this subject in the comments section below.
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