Ethereum stablecoin dominance reaches 3-month high

Jan. 22, 2023 at 5:00 pm

By Zeynep Geylan

Ethereum's dominance over stablecoins strenghtens as the ETH price surpasses $1,600.

Glassnode data analyzed by CryptoSlate indicates that Ethereum’s (ETH) dominance over stablecoins has been increasing and reached its highest in the last three months.

Ethereum’s dominance over stablecoins strengthens as the ETH price surpasses $1,600.

The analysis includes the top four stablecoins: Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and DAI (DAI).

The chart below represents a comparison of the ETH market cap to the aggregate value of these stablecoins since the beginning of 2020. The green line reflects the combined value of the stablecoins, while the black one shows the ETH market cap.

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