Bitcoin and Ethereum Dominate Crypto Market as Total Market Cap Hits $1T

• Bitcoin dominance has hit its highest level in six months, currently standing at 41.5%.
• Ethereum dominance is also up and currently stands at 19.4%.
• The total crypto market cap currently sits at just under $1 trillion.

Bitcoin’s dominance of the crypto market has hit its highest level in six months, according to data from Glassnode. As of January 20th, 2021, the BTC Dominance metric stands at 41.5%, indicating that Bitcoin currently accounts for nearly half of the global crypto market cap. This marks a significant increase from levels seen in July 2022, when BTC dominance sat at a low of 33.5%.

At the same time, Ethereum’s dominance of the crypto market has also seen an increase. Currently, Ethereum accounts for 19.4% of the total crypto market cap, indicating that the altcoin is still a major player in the crypto market. This marks a significant rise from the levels seen in July 2022, when Ethereum dominance was at its lowest point of 12.5%.

The total crypto market cap currently sits at just under $1 trillion, indicating that the crypto market is still growing despite the recent drop in Bitcoin’s price. This is a significant increase from the market’s total value in July 2022, when the total crypto market cap was just $400 billion.

The rise in BTC and ETH dominance is indicative of a maturing crypto market, as investors are increasingly favoring the two largest crypto assets. This trend is likely to continue in the coming months and years as more investors flock to Bitcoin and Ethereum due to their relative stability and proven track records.

Overall, the crypto market is in a good place at the moment, with both Bitcoin and Ethereum dominating the market. The total crypto market cap is nearing the $1 trillion mark, and the two largest crypto assets are seeing significant growth in their respective dominance. It remains to be seen how the market will develop over the coming months and years, but the current outlook is certainly positive.