According to CryptoSlate’s analysis of Glassnode data, Ethereum’s (ETH) dominance over stablecoins has been rising and peaked over the past three months.
Cryptoslate noted that the dominance of Ethereum over stablecoins grows as the price of ETH surpasses $1,600.
The top four stablecoins are Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and DAI, and they are all included in the analysis (DAI).
Between the start of 2020 and the middle of 2022, ETH had an undeniable lead over stablecoins. The value of stablecoins as a whole surpassed that of ETH for the first time ever in the summer of 2022, Cryptoslate further noted.
Stablecoins temporarily surpassed ETH’s dominance in November 2022, despite the fact that ETH had reclaimed it by the end of July 2022. According to recent data, ETH’s dominance over stablecoins has grown since then.
Furthermore, the price of ETH has been increasing during this time. At the time of writing, the price of ETH is around $1,623, up 33.23% over the previous 30 days, Cryptoslate further noted.
(With insights from Cryptoslate)