Bitcoin dominance (BTC), the measure of how much cryptocurrency represents in the total market capitalization of digital assets, has passed the 50% mark.
On June 19 at 18:00 UTC, Bitcoin dominance sat just above 50% and has since stabilized at 49.9% at press time, according to TradingView data.
This means that Bitcoin alone represents the half of the total cryptocurrency market capitalization, which stands at $1.1 trillion. Bitcoin’s current market capitalization is $519 billion, according to Coingecko data.
In particular, Bitcoin’s market dominance has increased by more than 10.5% since November 27, 2022, an increase fueled in large part by investors looking to the star crypto asset for a safe haven. after the FTX crisis and in the middle of the increasing regulatory oversight on crypto assets in the United States.
While Bitcoin’s dominance has increased significantly over the past eight months, Ether’s market dominance (ETH) It has been kept stable around the 20% mark for the better part of a year. Currently, the combined value of Bitcoin and Ether represents approximately 70% of the entire cryptocurrency market.
MicroStrategy co-founder and outspoken Bitcoin advocate Michael Saylor believes that Bitcoin’s market dominance will surpass 80% in the next few years, as increasing regulatory pressure from the Securities and Exchange Commission make stablecoins and most other crypto assets “disappear”.
Regulatory clarity is going to drive #Bitcoin adoption by eliminating the confusion & anxiety that has been holding back institutional investors. Bitcoin dominance will continue to grow as the #Crypto industry rationalizes around $BTC and goes mainstream. pic.twitter.com/Foq4lpderj
— Michael Saylorâš¡ï¸ (@saylor) June 13, 2023
“The whole industry is bound to be streamlined into a Bitcoin-centric industry, with maybe a half dozen or a dozen other Proof of Work tokens.”
Furthermore, Saylor blamed the lack of “mega-institutional money” in the cryptocurrency space on the “confusion and anxiety” caused by the other 25,000 cryptocurrencies that have been positioned as alternatives to Bitcoin.
“Bitcoin is the universal and globally recognized digital commodity in this sector,” Saylor added, winking at the fact that Bitcoin is the only cryptocurrency that SEC Chairman Gary Gensler has ever called a commodity. The SEC has declared values to a total of 68 cryptocurrencies.
Bitcoin currently changes hands for $26,746, which represents an increase of 1.5% in the last 24 hours, according to data from the Cointelegraph Price Index. Bitcoin’s value has grown by more than 3% over the course of the last week despite “fear” in the cryptocurrency market reaching its highest point in three months.
Cryptocurrency research company Santiment also aim to investment colossus Blackrock’s unveiling of a spot Bitcoin ETF as one of the main drivers of Bitcoin’s bullish price action in recent days.
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