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Bitcoin, Stablecoins Command Over 70% of Crypto Market as BTC Pushes Higher
ETH/BTC ratio drops to lowest level in five years, underscoring bitcoin’s dominance.
Updated Apr 22, 2025, 8:19 p.m. Published Apr 22, 2025, 7:55 a.m.
What to know:
- Bitcoin dominance hits 64.60%, its highest level since January 2021, as ether struggles with a 50% year-to-date decline.
- Bitcoin, along with USDT and USDC, now comprises 72% of total crypto market capitalization.
- Ether to bitcoin ratio hits lowest level in five years, 0.01765
Bitcoin’s commanding position in the crypto ecosystem continues to strengthen.
When combined with the top two stablecoins by market capitalization — Tether and Circle’s (USDC) — these three assets now represent approximately 72% of the total cryptocurrency market. This dominance underscores a broader consolidation at the top of the digital asset market, as capital gravitates toward perceived safety and strength.
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BTC alone has surged to a 64.60% share of crypto market capitalization, briefly touching levels not seen since January 2021. This rise in dominance reflects growing investor preference for bitcoin amid ongoing macroeconomic and market uncertainty.
While bitcoin consolidates its leadership, its closest competitor, ether , continues to struggle in 2025. ETH has fallen more than 50% year-to-date, underperforming bitcoin. The ETH/BTC ratio has slipped to 0.01765, a level last seen in early 2020, highlighting the widening performance gap between the two leading digital assets.
Bitcoin has also notably diverged from U.S. equities. Since "Liberation Day" at the beginning of April, the S&P 500 is down 6%, while BTC is up 4%, effectively holding its ground despite external market pressures. As of writing, bitcoin trades slightly above $88,000, while ether is holding just above $1,600.
Key technical levels to watch for bitcoin
Bitcoin currently sits just under several critical on-chain and technical levels that could influence short-term price direction:
- 200-Day Moving Average: $87,965
- 2025 Realized Price (average on-chain cost basis for 2025 BTC buyers): $91,565
- Short-Term Holder Realized Price (average entry price for BTC held under six months): $92,385
Historically, bitcoin tends to enter a sustained bull market when trading above these key technical levels.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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