After the Terra LUNA Fallout, Bitcoin Dominance Climbs Higher While Ethereum’s Valuation Shrinks

After the Terra LUNA Fallout, Bitcoin Dominance Climbs Higher While Ethereum"s Valuation Shrinks

Following the Terra LUNA and UST fallout, digital currency markets have dropped in value as the crypto economy dropped 6.93% from $1.356 trillion on May 22, to today’s $1.262 trillion. Amid the market carnage, bitcoin’s market dominance has increased to 43.8%, reaching the highest value since October 30, 2021. Moreover, ethereum’s market dominance has slid from 19.56% on April 16, to today’s 17.1%. Bitcoin Dominance Reaps Rewards from Terra’s Demise Bitcoin (BTC) dominance among the 13,445 crypto market caps in existence today is 43.8%, the highest it has been in roughly 209 days, since October 30, 2021. The rise in market dominance follows the recent Terra blockchain fiasco that caused a significant amount of value to leave the crypto economy. For example, amid LUNA’s and UST’s death spiral and the crypto market carnage on May 10, 2022, archived dataindicates BTC dominance was 39.4%, while ethereum (ETH) dominance was 18.4%. On that day, BTC was changing hands for $30,118 and ETH was swapping for $2,225 per unit. Top ten market caps in terms of dominance on May 27, 2022. The spike on October 30, 2021 was a brief BTC dominance rise to 44%, as dominance hit a low of 40% a month prior, during the first week of September 2021. Prior to the October 30 BTC dominance level, August 21, 2022 was the last time BTC was in the same range in terms of dominance among the 13,445 crypto market caps. In terms of dominance, BTC beats ETH in not only market capitalization today, but also daily trade volumeand 24-hour mining reward revenue. Revised chart for #Bitcoin market dominance. 👇

After removing stablecoins, this thing appears to have broken out already.

Key levels on the chart.

Altcoin will bleed… pic.twitter.com/X3pPqY5dmF

— Duo Nine | YCC (@DU09BTC) May 26, 2022

Bitcoin transaction fees are also much lower as the cost per average BTC transfer is 0.000068 BTC or $1.98 per transaction, while the average ETH transaction fee is 0.0045 ETH or $8.06 per transfer. While ETH’s median transaction fee is 0.0022 ETH or $3.84 today, BTC’s median-sized transfer cost is 0.000026 BTC or $0.753 per transaction. As ETH dominance sinks and BTC dominance rises, a number of other alternative assets have faltered in value and have lost significant market cap dominance. For example, on September 4, 2021, XRP’s dominance was 2.53% and today XRP dominance is only 1.51%. One alternative crypto asset that has seen its dominance rise is tether (USDT) as USDT’s market valuation dominance was above 3% on September 4, 2021, and today it’s 5.78%. Tags in this story Bitcoin, bitcoin dominance, bitcoin market capitalization, BTC, BTC dominance rises, Dominance, ETH, market cap dominance, Market Caps, Market Carnage, Market Valuations, Markets, mining rewards, Prices, Terra blockchain fiasco, Transaction Fees, Transfer Fees, XRP

What do you think about bitcoin’s dominance increasing and ethereum’s dominance decreasing after Terra’s demise? Let us know what you think about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Biggest Movers: DOT Rebounds Following Recent Losses, as RUNE Moves Toward Multi-Week Low MARKET UPDATES | 7 hours ago Bitcoin, Ethereum Technical Analysis: ETH Selloff Intensifies Heading Into the Weekend MARKET UPDATES | 10 hours ago

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