• On Jan. 21, 2023, Bitcoin’s price rose to a 24-hour high of $23,333, leading to its market capitalization surpassing 40% of the entire crypto-economy.
• Bitcoin’s value has increased 37.2% in the past 30 days, pushing its dominance level above the 40% region.
• Other major dominant players in January 2023 include Tether (USDT) with 6.33% market dominance, Binance Coin (BNB) with 4.57% market dominance, and USDC with 2.81% market dominance.
On Jan. 21, 2023, Bitcoin continued to surge in value, with the digital currency reaching a 24-hour high of $23,333 per unit at 5 a.m. Eastern Time. This surge in Bitcoin’s price has pushed the entire crypto-economy to a value of $1.05 trillion, an increase of 7.2% against the U.S. dollar. This surge has also led to Bitcoin’s dominance level surpassing the 40% region, with the digital currency’s market capitalization climbing to $443 billion.
In the past 30 days, Bitcoin’s value has increased by 37.2%, pushing its dominance level above the 40% region. This is a stark contrast to its dominance level from 2009 to 2017, where Bitcoin’s dominance level held above the 80% range. After dropping below 80%, the dominance level never returned to that position. According to CoinMarketCap.com (CMC) data, Bitcoin’s dominance level on Jan. 21 is around 42.4%, while CoinGecko.com (CG) metrics show the dominance level at 41.1%.
Apart from Bitcoin, the crypto market is also dominated by other major crypto assets. Ethereum (ETH) is the second-leading crypto asset, with CMC data suggesting ETH’s dominance is around 19.3% out of the $1.05 trillion in U.S. dollar value. Stablecoin Tether (USDT) commands 6.33% market dominance, while Binance Coin (BNB) has a dominance level of around 4.57%. USDC has a market dominance of 2.81%.
In conclusion, Bitcoin’s surge in value has pushed its dominance level above the 40% region, while other major crypto assets such as Ethereum, Tether, Binance Coin, and USDC also hold significant market dominance.