{"id":496138,"date":"2022-07-19T23:00:21","date_gmt":"2022-07-19T23:00:21","guid":{"rendered":"https:\/\/wncen.com\/?p=496138"},"modified":"2024-06-11T08:18:24","modified_gmt":"2024-06-11T08:18:24","slug":"bitcoin-dominance-dives-as-ethereum-takes-up-more-space","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-dominance-dives-as-ethereum-takes-up-more-space\/","title":{"rendered":"Bitcoin Dominance Dives As Ethereum Takes Up More Space"},"content":{"rendered":"
The recent market recovery has seen digital assets such as Bitcoin and Ethereum put on significant amounts of value over the last couple of days. However, there have been some who have been market leaders in this regard, and Ethereum is one of them. The digital asset had rallied upwards due to the announcement that the Merge was happening in September, but that is not the only aspect where the second-largest cryptocurrency in the crypto market had recorded a recovery.<\/p>\n
Ethereum\u2019s rally above $1,500 had seen its market cap grow above $190 billion once more. The digital asset had posted some of the largest gains over the last couple of weeks, with a more than 40% recovery. This has seen the asset\u2019s dominance across the industry grow.<\/p>\n
Related Reading |\u00a0Liquidations Cross $230 Million As Ethereum Barrels Past $1,400<\/a><\/strong><\/em><\/p>\n Although Ethereum still remains the cryptocurrency with the second-largest market dominance, it has added more over the last two days. This has seen it creep into bitcoin\u2019s market cap as the pioneer cryptocurrency struggles to keep up with the market gains.\u00a0<\/span><\/p>\n Over the last couple of days, bitcoin has watched its market dominance declined by more than 2%. This market share was quickly soaked up by Ethereum, which has seen its dominance rise in this time period. It added more than 2% to go from straggling around $16% to its current dominance of 18.9%.<\/p>\n <\/p>\n It is expected to steal more market share from bitcoin as its price continues to grow. However, it is still a long way off from its all-time high, which had seen its dominance rise as high as 32% back in the bull market of 2017.<\/p>\n Ethereum has now broken above an important technical point. After trending below the 50-day moving average for the better part of last month, ETH has flipped this technical level and is now sitting comfortably above it. The implication of this has been a complete 180-degree turn from bearish to bullish, especially during the short term.<\/p>\nETH dominance adds 2% | Source: Market Cap ETH Dominance on TradingView.com<\/a><\/pre>\n
ETH Sets Sight On $1,700<\/h2>\n