Ether dominance increases because old coins surpass Bitcoin

Ether dominance increases because old coins surpass Bitcoin

The cryptocurrency prices shone in the past week - finally - light green and gave the industry a long -awaited breathing space from the brutality of the continuing bear market.

digital assets have increased their collective capitalization by almost 16 % since last Friday, which corresponds to a nominal value of almost $ 143 billion.

Overall, the cryptocurrency is now worth $ 1.045 trillion, per total crypto of tradingView index by 52 % Annual start.

But the profits were practically visible across the board, whereby almost every top 100 cryptocurrency made up well according to the market value.

ldo, the governance token for the Liquid Staking Community Lido, led the pack with a price explosion of 80 %. The project promised this week to extend over the entire Layer 2 landscape of Ethereum.

In places in second and three, long-standing blockchain forests landed. Ethereum Classic (etc) increased by 75 % due to speculation that Ether miners could switch to the network after the upcoming switch to Proof-of-Stake, while Bitcoin Gold (BTG) increased its price by 50 % without a clear story.

ldo, etc and BTG acted 46 %, 24 % and 42 % below their prices from the beginning of the year at 12 noon.

The dominance of Stablecoins shrinks together with that of Bitcoin

APECOIN (APE) by Yuga Labs, which is supposed to drive his upcoming etherside meta-verse, grew by 43 % after a well-absorbed demo; The native token GNO of the Gnosis defi ecosystem rose by 38 %; Ether (Eth) rose by 35 %.

recent data from Glassnode show that the ether inlays on crypto exchanges have reached a four-year low, since the owners in the expectation of returns plunge into the merge contract of the network. Bitcoin (BTC), on the other hand, rose by 15 % - from around $ 20,600 to $ 23,700.

APE, GNO and ETH have fallen by 22 %, 73 % or 56 % in the previous course. BTC has fallen by 49 % in 2022, which has been defined by some of the most turbulent macroeconomic conditions in recent decades.

"Yes, the European bank has increased interest rates for the first time in a long time. Yes, the Federal Reserve also boosts interest. And yes, the liquidity is becoming scarcer. This generally punishes Bitcoin and risk systems," said Ganesh Swami, CEO of the blockchain data company Covalent.

swami added: "It will remain difficult for the Fed to lower inflation or if the FED simply gives up the fight against inflation. In any case, it will probably be a few difficult months for the markets, especially if the energy crisis in Europe worsens."

he expects Bitcoin to rise as soon as the quantitative loosening is resumed.

Nevertheless, only three top 100 cryptocurrencies (without stable coins and packaged tokens) lost in value last week.

arweave, the token that drives the decentralized storage protocol of the same name, fell by 1 %; The Decentralized Exchange (Dex) token serum operated by Solana fell by 4 %; and VR Digital Asset Ceek sank by almost 21 %.

In fact, the youngest rally from ether has brought its dominance (which measures how much share in the market for digital assets ETH) has brought up to the highest level since May 16.5 percent. The Bitcoin dominance went back slightly from 43.5 % to 43.1 %.

The stable coin dominance also decreased when dealers left their safe ports in search of profits. The four best stable coins - Tether, USD Coin, Binance USD and Makerdaos Dai - made up 14.2 % of crypto last Friday; now to 12.35 %.

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The contribution ether dominance rises as altcoins outperform Bitcoin is not financial advice.