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Bitcoin and Ethereum Expand Market Share to Over 70% as Stablecoins Decline

Bitcoin and Ethereum have increased their shares to over 70% of the total cryptocurrency market capitalization for the first time since April 2021, while stablecoins have seen a decline in market capitalization. The recently released Crypto Market Insights Report 2023Q2 by TokenInsight shows that the stablecoin market cap decreased by 7% in the first half of 2023 to $128 billion as of the end of June. The report suggests that regulatory actions against major stablecoins, USD Coin (USDC) and Binance USD (BUSD), have contributed to the downward trend. Additionally, Ethereum staking has surged post-Shapella upgrade, and LSDFi market and Layer-2 networks have exhibited impressive growth.

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