Bitcoin and Stablecoins Take Up Over 70% of Cryptocurrency Market as BTC Continues to Rise

The ETH/BTC ratio has fallen to its lowest level in five years, highlighting Bitcoin's dominance.

James Van Straten | Edited by Parikshit Mishra Updated April 22, 2025, 8:19 PM Published April 22, 2025, 7:55 AM

Important information:

• Bitcoin's share reached 64.60%, the highest level since January 2021, while Ethereum has seen a 50% drop since the beginning of the year.
• Bitcoin, along with USDT and USDC, now make up 72% of the total cryptocurrency market cap.
• The Ethereum to Bitcoin ratio has fallen to 0.01765, the lowest in five years.

Bitcoin (BTC)'s dominance in the crypto ecosystem continues to grow.

Together with the two largest stablecoins by market cap — Tether (USDT) and Circle (USDC) — these three assets now make up roughly 72% of the entire cryptocurrency market. This dominance highlights a broader consolidation at the top of the digital asset market as capital seeks perceived security and stability.

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BTC's share of cryptocurrency market capitalization has risen to 64.60%, temporarily reaching levels not seen since January 2021. This rise in dominance reflects growing investor preference for Bitcoin amid ongoing macroeconomic and market uncertainty.

While Bitcoin is gaining ground, its closest rival, Ethereum (ETH), continues to struggle in 2025. ETH has fallen more than 50% year-to-date, lagging Bitcoin significantly. The ETH/BTC ratio has fallen to 0.01765, a level last seen in early 2020, highlighting the growing performance gap between the two leading digital assets.

Bitcoin has also diverged significantly from U.S. stocks. Since Liberation Day in early April, the S&P 500 has fallen 6%, while BTC has gained 4%, effectively holding its own despite external market pressure. At the time of writing, Bitcoin is trading just above $88,000, while Ethereum is trading just above $1,600.

Important Technical Levels to Look Out for When Buying Bitcoin

Bitcoin is currently just below several critical on-chain and technical levels that could impact the short-term price direction:

• 200-day moving average: $87,965
• 2025 Realized Price (Average on-chain price for BTC buyers in 2025): $91,565
• Realized price for short-term holders (average entry price for BTC held for less than six months): $92,385

Historically, Bitcoin tends to enter a sustained bull market when it trades above these key technical levels.