Cryptocurrency

US Dollar the Bitcoin of the financial system? Dollar reserves now exceed the BTC-domination

The dominance of Bitcoin has fallen currencies to 61% of all Crypto – this is the lowest value in a year. And he could still continue to fall.

Main guilty of Ethereum that has won last time against Bitcoin and against the Dollar significantly in value is due to Defi and Staking.

Market share of Bitcoin and Ethereum, August 2020

Looking at there Tether, the USD-based Token, also with other USDS, such as DAI, jumped to $ 400 million, so the market share of the dollar is likely to be 4% or even 5%.

But in his own precinct, the Dollar has 61,99% of all currency reserves in the world, although its share has risen to nearly 6.8 trillion dollars.

In a very, very strange mirror can also be seen that Bitcoins domination with $ 216 billion, is 3,17% and the Kryptos is 356 billion dollars, approximately 5%. Wow!

This is the first Time that we look at this data. Therefore, it is not clear whether there is a correlation – but the literal Mirroring of the Figures suggests that there is likely to be a.

Dollar-Dominance, August 2020

The Euro is, according to these data of IMF, at 20%, which is mainly in the European neighbourhood to be a real Alternative.

The much-discussed Yuan (CNY), however, held by about as many people that Bitcoin is at 221 billion dollars keep.

He rose a little, but after looking at the data it seems as if some of the speculation on the Chinese Renminbi to challenge the Dollar, are a bit delusional.

China’s Dollar Reserves, August 2020

China has increased its dollar reserves to nearly 3.2 trillion dollars, and its US bonds increased slightly, to 1.1 trillion dollars.

It is the largest holder of dollar reserves and has recently become far more 55 billion dollars to add.

Dollar reserves by country, August 2020

Japan is the second largest country, whose economy is a 5 trillion Dollar are also quite large, more than German GDP of 4 trillion dollars.

Switzerland is in third place – a tiny country, the Dollar needs to sell, because people like their currency, which is managed by the single quoted Central Bank in the world, very.

All in all, everyone wants dollars, and by far, the Dollar seems to be the Bitcoin in the traditional financial system – while ETH is probably the Euro. What, then, is that the ETH has to come to 20% of the crypto market share.

During the Yuan resembles in all the more of a Dogecoin, a joke currency, which you can manipulate to your liking with capital controls and protectionist measures, so that you have banned crypto-exchanges, because no one wants to keep the Yuan so much.

This means that America continues to dominate with its freedom and democracy, the strength of his mobility of mind.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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