Popular crypto data aggregator CoinGecko has released its Q2 2020 cryptocurrency report, covering the performance of the top 30 crypto assets in the market.
Per the report, Ethereum (ETH), the second-largest cryptocurrency by market cap, gained the highest dominance in the share of the total market cap of all cryptocurrencies in Q2 with a rate of 1.6%.
Closely following ETH, is Bitcoin with a 0.3% gain of the total crypto market cap. The third winner is Tether USDT as the stablecoin recorded a 0.2% gain in the total market cap in Q2.
DeFi fuel for Ether (ETH)
The report suggests that DeFi growth could be the primary reason why Ethereum emerged as the winner in terms of market cap dominance in Q2. Investors HODLing are either losing confidence to trade or they are shifting toward DeFi and Derivatives trading.
In the last month of Q2, Coinfomania reported that the total value of ETH that was locked In DeFi apps surpassed $1 billion. The total valued locked in DeFi is rapidly approaching the $2 billion mark and at the time of writing, it is at $1.7 billion.
XRP lost 1.3%
Unfortunately, the fate of XRP was the complete opposite of ETH in the Q2 market overview. The report revealed that the fourth largest cryptocurrency XRP was the biggest loser in the total market cap dominance. The coin lost as much as 1.3% while other coins lost lower.
XRP was formerly the third largest cryptocurrency by market cap, but it was dethroned by USDT in Q2. The reason for the fall in XRP market dominance seems to be unclear as it was not stated in the report.