Bitcoin, Stablecoins Command Over 70% of Crypto Market as BTC Pushes Higher

BTC

$88,451.41

1.11%

ETH

$1,628.09

–

0.84%

USDT

$0.9999

0.02%

XRP

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$2.1017

–

1.37%

BNB

$606.06

0.32%

SOL

$139.57

–

0.47%

USDC

$0.9999

0.02%

DOGE

$0.1641

1.02%

TRX

$0.2483

2.06%

ADA

$0.6392

–

1.38%

LINK

$13.37

–

1.11%

AVAX

$20.25

–

1.94%

LEO

$9.0685

–

4.01%

XLM

$0.2461

–

5.32%

SUI

$2.3128

1.90%

SHIB

$0.0₄1254

–

1.09%

TON

$2.9371

–

2.57%

HBAR

$0.1732

0.58%

BCH

$348.43

1.75%

HYPE

$18.24

0.54%

Markets

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By James Van Straten|Edited by Parikshit Mishra

Apr 22, 2025, 7:55 a.m.

BTC Dominance + USDT and USDC Dominance (TradingView)

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 (BTC) commanding position in the crypto ecosystem continues to strengthen.

When combined with the top two stablecoins by market capitalization — Tether (USDT) 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.

STORY CONTINUES BELOW

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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 (ETH), 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.

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.

James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.

In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).