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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.
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 , 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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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Bitcoin eyes longest daily winning streak in 3 months
Bitcoin rose over 1% during Monday's Asian trading session, marking a potential five-day winning streak.
What to know:
- Bitcoin rose over 1% during Monday's Asian trading session, marking a potential five-day winning streak.
- The broader crypto market, including major cryptocurrencies like XRP, solana, and ether, also saw gains of up to 1%.
- Tax-loss selling has subsided, one analyst said explaining the upswing, while others attributed the uptick to haven demand.
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