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

Bitcoin Dominance Reaches 50%

Bitcoin (BTC) now accounts for more than 50% of the total cryptocurrency market capitalization, a measure of its dominance.

On June 19 at 6 pm UTC, Bitcoin’s share of the cryptocurrency market reached nearly 50%, and as of the time of writing, it has leveled off to 49.9%, according to TradingView’s data.

Bitcoin comprises half of the crypto market’s total capitalization of $1.1 trillion, as per Coingecko data. At the present, its market capitalization stands at $519 billion.

Notably, since November 27th, 2022, Bitcoin’s market dominance has seen a significant rise of over 10.5%, largely attributed to investors seeking refuge in the leading crypto asset due to the FTX crisis and the increasing regulatory oversight of crypto assets in the US.

As Bitcoin’s dominance has grown significantly over the past eight months, Ether’s (ETH) market share has remained fairly constant at around 20% for the last twelve months. Currently, the total value of Bitcoin and Ether combined makes up about 70% of the entire cryptocurrency market.

Michael Saylor, a co-founder of MicroStrategy and an avid supporter of Bitcoin, is convinced that the cryptocurrency’s dominance in the market will rise to 80% in the near future. He believes that the Securities and Exchange Commission’s increasing regulations will lead to the disappearance of most stablecoins and other digital assets.

Saylor further attributed the absence of large-scale investments in the crypto market to the “confusion and unease” caused by the 25,000 other digital currencies that are vying to be alternatives to Bitcoin.

SEC Regulations and Bitcoin’s Price Surge

Cathie Wood is optimistic about Coinbase stock and believes that Bitcoin will reach a value of one million dollars.

“Saylor acknowledged Bitcoin’s status as the only digital commodity globally recognized in this industry, a distinction made by SEC Chair Gary Gensler who has classified it as a commodity. The SEC has now determined that 68 other cryptocurrencies are securities.”

Bitcoin is currently trading at $26,746, a 1.5% rise in the last 24 hours, according to Cointelegraph Price Index. Despite the “fear” in the crypto market reaching its peak in three months, the value of Bitcoin has grown by more than 3% in the last week.

Santiment, a crypto research firm, has indicated that Blackrock’s filing for a Bitcoin spot ETF is one of the primary reasons for Bitcoin’s recent price surge.

The magazine states that Bitcoin is heading towards a goal of achieving “Net Zero” promises.

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