Glassnode data analyzed by crypto slate Ethereum (ETH)’s dominance over stablecoins is growing, marking a three-month high.
Ethereum’s dominance over stablecoins strengthens when the ETH price rises above $1,600.
The analysis includes the top four stablecoins: Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and DAI (DAI).
The graph below shows the ETH market cap since early 2020 compared to the total value of these stablecoins. The green line reflects the total value of the stablecoin and the black line shows his ETH market cap.
From early 2020 to mid-2022, ETH dominated stablecoins. In the summer of 2022, the total value of stablecoins surpassed ETH, marking the first time in ETH history.
ETH regained its dominance by the end of July 2022, but in November 2022 stablecoins regained the dominance of ETH again. Current data shows that his ETH dominance over stablecoins has strengthened since then.
Since the FTX demise, exchange stablecoin reserves have dwindled.Recent crypto slate Our analysis reveals that a total of 3.93 billion stablecoins have been expelled from exchanges since the FTX crash.
Meanwhile, the price of ETH is on an upward trend. ETH is trading around $1,623 at the time of writing, reflecting a 33.23% gain over the past 30 days.