Decentralized finance's (DeFi) market capitalization as a percentage of the global cryptocurrency market cap has hit fresh lows not seen since July 2022. DeFi's dominance is currently at 4.1%, down from 4.05%. This coincides with increased market-share gains for bitcoin, which has increased its dominance from 37.93% to 44.41% over the past 90 days, amid worries about a western banking crisis. XRP is also outperforming bitcoin, potentially reflecting investor sentiment surrounding a pending lawsuit brought by the US Securities and Exchange Commission against associated payments firm Ripple.

(By Adam James)