Ethereum (ETH), the second-largest cryptocurrency by market value, behind only Bitcoin (BTC), is now back and trading in the green after seeing inflows of over $22 billion.
This comes as a relief to ETH holders who have been waiting for some positive news regarding the smart contracts blockchain. Ether has been struggling to find its footing since Nov. 12, 2021 when it reached an all-time high of almost $4,900 and a market of $572 billion.
Since then, the ETH price has fallen significantly and has failed to recover. However, this week’s inflow into its market cap could be a sign that the crypto — last changing hands at around $2,950, up 5.4% on the day — is finally starting to turn the corner.
Time will tell whether this is just a temporary blip or the beginning of a new era for the digital asset. But when you compare Ether’s $331 billion – March 9 market value to its overall market capitalization, which was $352.10 billion at the time of writing, you get a total inflow of $22 billion and change, according to CMC data.
Things change however, when it comes to Bitcoin (BTC) inflows.
Unlike Ethereum, the apex cryptocurrency is not seeing market cap inflows for the March 9 – March 18 period. BTC’s current market value based on a price-per-coin of $41,735, currently prints a total outflow of more than $14 billion. Bitcoin however, leads with a total of $26 billion in inflows over the last 24 hours, while second-place Ether logged $18 billion.
It should be noted that despite major global developments such as the conflict in Ukraine, inflation and other current macro conditions, bitcoin is enjoying a period of price stability. In fact, the asset class has been relatively stable over the past couple of months, trading near the upper limits of the $35K-$45K trading range that it has been operating inside since January 10.
According to veteran futures and options trader Jim Iuorio, bitcoin’s current range signals the potential beginning of a long-awaited period of stabilization.
Bitcoin Market Dominance
BTC’s market dominance is an important metric to watch for those interested in the cryptocurrency space. It is a measure of how much of the total market cap is held by bitcoin. This number is constantly fluctuating, but at the time of writing, it sits at just over 42%. Ethereums’s dominance on the other hand stands at nearly 19%.