On-Chain Data Shows Ether Dominance Outpacing Other Altcoins In The Market: Here's Why.
26 Jun 2023, 08:00
On-Chain Data Shows Ether Dominance Outpacing Other Altcoins In The Market: Here’s Why
Ethereum strengthened its altcoin dominance as its market share moved slightly above 40% of the market capitalization. Decentralized applications on Ethereum play a huge role in the network’s dominance, with its TVL miles ahead of its competitors.Observers back Ethereum to maintain its huge lead despite the growth of other networks over the past two years. Ethereum (ETH) remains the king of decentralized finance (DeFi) and looks set to increase its dominance as most altcoins fight a potential “securities” tag by the Securities and Exchange Commission (SEC).
Ethereum’s dominance among altcoins has grown in recent years using several metrics. The market share of ETH was 18% trailing only Bitcoin (BTC) in 2020 but has increased to 20% this year amid strong competition. Among altcoins, ETH is top with a market share of 40.6% leaving its closed rival BNB at 7.2%.