Ether (ETH), the native token of the Ethereum blockchain, has suffered its biggest monthly price decline since March 2020, tumbling alongside …
Ether (ETH), the native token of the Ethereum blockchain, has suffered its biggest monthly price decline since March 2020, tumbling alongside bitcoin in one of worst-ever starts to a year in cryptocurrency markets.
Ether is down 31% in January, while bitcoin (BTC) has fallen 22%.
The sell-off also claimed some of the hottest tokens from 2021, in several cases vaporizing half of their market value, or more. Terra’s LUNA has declined 50% in January, while Solana’s SOL has dropped 49% and Avalanche’s AVAX has lost 42%.
Bitcoin’s dominance ratio – its share of the overall crypto market capitalization – is sitting at about 42%, having dipped below 39% mid-January, according to Denis Vinokourov, head of research at Corinthian Digital. This time last year, bitcoin’s dominance was at 62%.
The numbers suggest that the past year’s rapid run-up in altcoin relative valuations has reversed recently amid the broader sell-off in crypto markets; the highest flyers have suffered the biggest comedowns.
Everything was in the red in January. (CoinDesk)
Ethereum also continued to surrender its lead in decentralized finance (DeFi), where its dominance is at around 59%, according to data from defillama. The
