Glassnode knowledge 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 value 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 combination worth of those stablecoins for the reason that starting of 2020. The inexperienced line displays the mixed worth of the stablecoins, whereas the black one exhibits the ETH market cap.
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 knowledge exhibits that ETH’s dominance over stablecoins has been strengthened since then.
Exchanges’ stablecoin reserves have been shrinking for the reason that FTX collapse. A latest CryptoSlate evaluation revealed {that a} complete of three.93 billion stablecoins had left the exchanges for the reason that FTX crash.
Within the meantime, the ETH value 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.
