Ether Dominance Rises as Altcoins Outperform Bitcoin – Blockworks
Cryptocurrency prices have finally glowed bright green over the past week, giving the industry some long-awaited respite from the brutality of the ongoing bear market.
Digital assets have added nearly 16% to their collective capitalization since last Friday, representing nearly $143 billion in face value.
Reading: Ether hits bitcoin crypto dominance
In total, cryptocurrencies are now worth $1.045 trillion, according to the tradingview Total Crypto Index, down 52% from the beginning of the year.
But gains were seen pretty much across the board, with nearly all of the top 100 cryptocurrencies by market value gaining ground.
ldo, the governance token for the lido liquid staking community, led the pack with an 80% price explosion. this week’s project promised to expand throughout the ethereum layer 2 environment.
See also: Intuit Completes Acquisition of Mailchimp | Mailchimp
Long-serving blockchain forks came in second and third. ethereum classic (etc) surged 75% amid speculation ether miners could move onto the network following its impending proof-of-stake switch, while bitcoin gold (btg) added 50% to its price without a clear narrative.
ldo, etc and btg were respectively trading 46%, 24% and 42% below their prices since the beginning of the year, as of 12 p.m. m. et.
stablecoin dominance shrinks along with bitcoin
Yuga Labs’ Apecoin (Ape), Set To Power Its Next Metaverse On The Other Side, Grew 43% Thanks To A Well-Received Demo; defi ecosystem native gnosis token jumped 38%; ether (eth) increased by 35%.
Recent data from glassnode shows ether deposits on crypto exchanges have hit a four-year low as holders pile into the network’s merger contract in anticipation of returns. bitcoin (btc), on the other hand, rose 15%, from around $20,600 to $23,700.
ape, gno and eth are respectively down 22%, 73% and 56% year to date. btc has plunged 49% so far in 2022, which has been defined by some of the most turbulent macroeconomic conditions in recent decades.
“yes, the European [central] bank raised rates for the first time in a long time. yes, the federal reserve is also raising rates. and, yes, liquidity is getting tighter. this has been a punishment for bitcoin and risky assets in general,” said ganesh swami, CEO of blockchain data firm covalent.
added swami: “it will remain difficult until the federal government can reduce inflation, or if the federal government simply gives up on fighting inflation. Either way, it’s probably going to be a tough few months for the markets, especially if Europe’s energy crisis worsens.”
See also: GameStop announces multiyear strategic partnership with Microsoft – Stories
expect bitcoin to rise once quantitative easing finally resumes.
Still, only three of the top 100 cryptocurrencies (no stablecoins or tokens involved) lost value over the last week.
arweave, the token that powers the decentralized storage protocol of the same name, fell 1%; solana-powered decentralized exchange (dex) token serum fell 4%; and vr digital asset ceek sank nearly 21%.
In fact, ether’s recent rally has taken its dominance (which measures how much of the digital asset market is eth) to its highest point since May, jumping 16.5 percentage points to 18.7 %. bitcoin dominance fell slightly, from 43.5% to 43.1%.
Stablecoin dominance also waned as traders left their safe havens in search of profit. the top four stablecoins (tether, usd coin, binance usd, and makerdao’s dai) together accounted for 14.2% of crypto last friday; now up to 12.35%.
Get the top crypto news and information of the day delivered to your inbox every night. Sign up now for the free blockworks newsletter.
See also: Zomedica Announces First Commercial Sale of Its Truforma®