Ethereum Is Only Half Way behind in Catching up Bitcoin’s Market Cap

ByEdward Thompson

Dec 5, 2021

By its market capitalization and in terms of its value, Ethereum is by far the second-biggest digital currency after Bitcoin. Earlier on 10th November 2021, Ethereum recorded its all-time high value per coin which reached the price of US$ 4,878. The value declined however by at least 40% after 10th November but in recent times there was a rebound. Because of the rebound, Ethereum was seen coming very close to its 10th November ATH value.

For instance, in the past 14 days, Ethereum’s base value has surged by approximately 11%. Similarly, in the year 2021, the overall value surge for Ethereum was recorded to be more than 668%. However, in contrast to Bitcoin, the gains fetched by Ethereum are 190% more than what Bitcoin had earned in 2021.

At present, the trade volume for Ethereum at the global level is spreading over US$ 31 Billion. In addition, the market capitalization of Ethereum is more than US$ 557 Billion. Within the crypto economy, Ethereum is dominating the industry with a percentage of 20%. On the contrary, Bitcoin’s dominance in the global digital currency market is about 39%, which is almost double the dominance ratio of Ethereum. The rest of the dominance i.e. 41% is shared amongst more than 11,000 digital currencies/assets.

Ehtereum traders prefer pairing their Ether coins with USDT (i.e. a stablecoin), which in turn dominates Ethereum swaps approximately by 45%. Other most-used pairing options with Ethereum are USD, Bitcoins, etc. which command at least 21.33 and 9.69% of Ethereum swaps respectively. The top exchanges of the world, in terms of Ethereum trade volume, are Binance, Kraken, Coinbase, Gemini, Bitfinex, Bitstamp, etc.

As per the statistics of Onchain, Ethereum traders’ profits, who are holding their assets for a long-term basis, are almost by 99%. Analysis of investors’ interest shows that their concentration towards Bitcoin and Ethereum is about 11% and 42% respectively. The data further shows that 59% of Ethereum’s long-term investors have been holding their assets for more than 12 months. Interestingly, only 9% of Ethereum investors are those who do not keep their assets any longer than a month. In the past week alone, Ethereum’s trade transactions were worth approximately US$ 75 Billion.

Furthermore, there has been an increase of 13.45% in respect of new wallet addresses for Ethereum.

Most importantly, Ethereum has been able to cross half the road towards Bitcoin’s market capitalization. At present, Bitcoin’s market capitalization is approximately US$ 1.07 Trillion. On the contrary, Ethereum’s market capitalization is US$ 535.85 Billion. This shows clearly that Ethereum, in the present moment, commands approximately 51% of the market capitalization of Bitcoin. In addition, Ethereum is currently capturing more than 80% of the trade volume which in fact belonged to Bitcoin.

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