Bitcoin reaches 50% market dominance for the first time in 2 years

Bitcoin (BTC) dominance, a measure of how much bitcoin accounts for in the total crypto market cap, has crossed the 50% mark.

On June 19 at 6 PM UTC, bitcoin dominance reached just above 50% and has since settled at 49.9% at the time of publication, According For data from TradingView.

This means that bitcoin alone Accounts For half of the total $1.1 trillion market capitalization of crypto. The current market capitalization of bitcoin is $519 billion, According For data from Coingecko.

Notably, bitcoin’s market dominance has increased by more than 10.5% since November 27, 2022, in large part by investors viewing the leading crypto asset as a safe haven amid increasing regulatory scrutiny in the wake of the FTX crisis. have increased. Crypto assets in the United States.

While Bitcoin’s dominance has grown significantly over the past eight months, Ether (ETH) has dominated the market caught Stabilized around the 20% mark for the better part of a year. Currently, the combined value of bitcoin and ether now accounts for about 70% of the entire crypto market.

MicroStrategy co-founder and outspoken bitcoin bull Michael Saylor believes that bitcoin’s market dominance will reach 80% in the coming years, due to increased regulatory pressure from the Securities and Exchange Commission on stablecoins and most other cryptos. The property “goes away.”

regulatory clarity is going to drive #bitcoin Adoption by removing confusion and anxiety holding back institutional investors. As bitcoin’s dominance continues to grow #crypto Industry rationalizes around $BTC and goes mainstream. pic.twitter.com/Foq4lpderj

— Michael Saylor ⚡️ (@saylor) June 13, 2023

“The whole industry is set to rationalize to a bitcoin-centric industry, with maybe half a dozen to a dozen other proof of work tokens.”

Additionally, Saylor blamed the lack of any “mega institutional money” entering the crypto space on the “confusion and anxiety” brought on by the 25,000 other cryptocurrencies that have positioned themselves as alternatives to bitcoin. deployed.

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“Bitcoin is the universally, globally accepted digital commodity in this industry,” Saylor said, acknowledging the fact that bitcoin is the only cryptocurrency SEC Chairman Gary Gensler has labeled a commodity. A total of 68 cryptocurrencies have now been declared securities by the SEC.

According to data from the Cointelegraph Price Index, bitcoin is currently changing hands at $26,746, up 1.5% over the past 24 hours. Bitcoin has gained over 3% in value during the past week despite “fear” in the crypto market reaching its highest point in three months.

Crypto research firm Sentiment too Number BlackRock’s filing to invest in a bitcoin spot ETF as one of the key drivers of bitcoin’s upward action over the past few days.

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