bitcoin
Bitcoin (BTC) $ 23,349.26
ethereum
Ethereum (ETH) $ 1,658.33
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 328.87
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.410345
binance-usd
Binance USD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.093698
cardano
Cardano (ADA) $ 0.401002
solana
Solana (SOL) $ 24.51
matic-network
Polygon (MATIC) $ 1.22
polkadot
Polkadot (DOT) $ 6.88
tron
TRON (TRX) $ 0.063517
bitcoin
Bitcoin (BTC) $ 23,349.26
ethereum
Ethereum (ETH) $ 1,658.33
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 328.87
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.410345
binance-usd
Binance USD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.093698
cardano
Cardano (ADA) $ 0.401002
solana
Solana (SOL) $ 24.51
matic-network
Polygon (MATIC) $ 1.22
polkadot
Polkadot (DOT) $ 6.88
tron
TRON (TRX) $ 0.063517
Saturday, February 4, 2023
HomeCoinsEthereumEthereum stablecoin dominance reaches 3-month excessive

Ethereum stablecoin dominance reaches 3-month excessive

Glassnode information analyzed by CryptoSlate signifies that Ethereum’s (ETH) dominance over stablecoins has been rising and reached its highest within the final three months.

Ethereum’s dominance over stablecoins strengthens because the ETH worth surpasses $1,600.

The evaluation contains the highest 4 stablecoins: Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and DAI (DAI).

The chart under represents a comparability of the ETH market cap to the mixture worth of those stablecoins because the starting of 2020. The inexperienced line displays the mixed worth of the stablecoins, whereas the black one reveals the ETH market cap.

ETH vs Stablecoins dominance
ETH vs. Stablecoins dominance

ETH held an unquestionable dominance over stablecoins between the start of 2020 and mid-2022. In the summertime of 2022, stablecoins’ combination worth surpassed ETHs, marking a primary within the historical past of ETH.

Although ETH recovered its dominance by the top of July 2022, stablecoins triumphed over ETH dominance as soon as extra for a short time in November 2022. Present information reveals that ETH’s dominance over stablecoins has been strengthened since then.

Exchanges’ stablecoin reserves have been shrinking because the FTX collapse. A latest CryptoSlate evaluation revealed {that a} whole of three.93 billion stablecoins had left the exchanges because the FTX crash.

Within the meantime, the ETH worth has been on an upwards trajectory. ETH is being traded for round $1,623 on the time of writing, reflecting a 33.23% improve within the final 30 days.

BitcoinMasterNews

See also  OKX studies $7.5B Proof-of-Reserves in BTC, ETH, USDT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles

Explore More

Related Articles