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Bitcoin’s dominance in the market has increased to 65%, a level last achieved during the bull run of 2021.

According to data from CoinDesk Indices, Bitcoin is now outperforming other large cryptocurrencies, including those in the CoinDesk 20 (CD20) index, which rose by 9.6% in the same period.

The new collaboration with MHC Digital Group signals Circle’s ambitions to grow its presence in the Asia Pacific market. 

A major factor driving Base’s growth has been the decentralised exchange (DEX) Aerodrome, which holds over $1 billion of the total value locked on Base. 

One major factor behind this rise is the decline of altcoins. Ethereum, the second-largest cryptocurrency, has seen its market share fall sharply. 

Other major cryptocurrencies have also seen significant price drops. Ethereum ($ETH), the second-largest cryptocurrency by market value, is down 2.23%. Solana ($SOL) has fallen by 2.82%, and XRP by 2.19%.

When $PYUSD was first launched, its market capitalisation was modest, sitting at under $50 million. This made it a small player in the vast world of stablecoins. 

Bitcoin’s increasing dominance began in late 2022, primarily driven by speculation around a spot Bitcoin exchange-traded fund (ETF). 

ETHA’s journey to the $1 billion mark was solidified by an inflow of $26.8 million on 20 August. This achievement is particularly impressive given the competitive landscape. 

The recent surge in activity has largely been attributed to the emergence of new lending markets, including Base and Scroll, which have helped drive growth on the platform.