While the total market cap recovered 22 percent in July, it closed at approximately $975 billion with a pullback of close to 10 percent in August. While the Bitcoin market cap decreased by 14 percent in this total, the decline in the altcoin market remained in the 7 percent band. The fact that the loss in the altcoin market is limited to 7 percent can be attributed to the performance of Ethereum, the largest altcoin in the market. Ethereum, which dominates the market by 19.4 percent, achieved a dominance increase of close to 3 percent in August, after a 28.6 percent increase in dominance in July.
The fact that the altcoin market has lost less value than Bitcoin this month is interpreted as a slight increase in confidence in non-Bitcoin cryptocurrencies due to their internal dynamics. However, Bitcoin still continues to dominate the market with a 39 percent market share. In addition, it is worth noting that the dominance rate has been declining from the market dominance of 48%, peaking in 2022, for the last 3 months. BTC dominance has regressed to the Christmas level at its current rate.
Looking at the price performance of the largest cryptocurrencies, Bitcoin saw a close from the $20,000 limit with the August pullback. Although Ethereum tested the $ 2,000 limit this month, it could not get rid of the selling pressure and closed the month of August at $ 1,554.
While macroeconomic problems and the uncertain environment, which also affect the crypto money markets, continue to affect asset prices, investors are increasing their demand for stable cryptocurrencies to avoid market volatility. This leads to an increase in the dominance of stable cryptocurrencies. The largest stablecoin Tether (USDT) increased its market dominance by 12 percent in August. The market cap of USDT has been on the rise since November 2021. On the other hand, USDC, the 4th largest cryptocurrency, is following Tether by seeing a dominance increase of 9.5 percent. According to the latest situation, USDT has a market dominance of 7 percent, USDC by 5.72% and the other stablecoin BUSD in the top 10, close to 2 percent.