- As per the analysis of data, it is reported that the dominance of Ethereum on various stablecoins has been increasing day by day.
- It is to be noted that the dominance has attained its highest point in about the past three months.
The dominance of Ethereum has been witnessed as the price of Ethereum crossed $ 1,600. In the process of analysis and data collection, four stablecoins were included namely: Tether (USDT), USD Coin (USDC), Binance USD (BUSD) as well as DAI.
Here, the chart which is given below shows the contrast between the market capitalization of Ethereum to the above-mentioned stablecoins from the very start of 2020. Also, the green light represents the combined worth of stablecoins, at the same time, the black line shows the market capitalization of Ethereum.
Ethereum has shown its leadership over stablecoins between the start of 2020 and mid-2022. In mid-2022, the aggregate value of stablecoins crossed that of Ethereum. This phenomenon happened for the first time ever in the history of Ethereum.
After this event, Ethereum recovered its leadership by the end of July of the last year, stablecoins succeeded over the leadership of Ethereum one more time for a short span of time in November of the last year. The very recent data suggest that the leadership of Ethereum has been built up since then.
The stablecoin reserves have been dropping down from the time when FTX went bankrupt. The current data disclosed that a total of 3.93 billion stablecoins had left the platforms from the time of FTX’s collapse.
At the same time, the value of Ethereum is witnessing an upward trend. Currently, Ethereum is trading at about $1,623 at the press time, showing a 33.23% hike in the past month.
Data released on January 11 of this year shows that the leadership of Ethereum was at 19% in almost 22,261 crypto assets registered on CMC, the value of which is calculated at $856 billion. Also, the dominance of Ethereum on December 31 of the last year was about 17.4% and the complete economy of crypto was estimated at about $828 billion. It is noteworthy that the metrics of CG are not the same as that of CMC’s. Also, CG demonstrates the dominance of Ethereum is at 18%. CMC also demonstrates that the Ethereum leadership rating has surged by 3.26%, and as per CG, the surge was by 3.44%.
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