bitcoin (BTC) dominance, the measure of how much Bitcoin constitutes of the total crypto market capitalization, has passed the 50% mark.
On June 19 at 6pm UTC, Bitcoin's dominance reached just over 50% and has since settled at 49.9% at press time. according to the TradingView data.
This means that only Bitcoin accounts for half of the total $1.1 trillion dollar market cap of crypto. The current market capitalization of Bitcoin is $519 billion, according to Coingecko data.
In particular, Bitcoin's market dominance has risen more than 10.5% since November 27, 2022, an increase driven in large part by investors seeking the flagship crypto-asset as a safe haven in the in the wake of the FTX crisis and in between increasing regulatory scrutiny of crypto assets in the United States.
While Bitcoin's dominance has increased significantly in the past eight months, Ether's (ETH) the dominance of the market has been tenure constant around the 20% mark for most of the year. Currently, the combined value of Bitcoin and Ether now represents approximately 70% of the entire crypto market.
MicroStrategy co-founder and Bitcoin bull 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 makes stablecoins and most other crypto assets To go".
Regulatory clarity will drive #Bitcoin adoption eliminating the confusion and anxiety that has been holding institutional investors back. Bitcoin's dominance will continue to grow as #Crypto industry rationalizes $BTC and goes mainstream. pic.twitter.com/Foq4lpderj
โMichael Saylorโก๏ธ (@saylor) June 13, 2023
โThe whole industry is bound to streamline to become a Bitcoin-centric industry, with maybe a half dozen or a dozen other proof-of-work tokens.โ
Furthermore, Saylor blamed the lack of โinstitutional mega-moneyโ entering the crypto space on the โconfusion and anxietyโ caused by the other 25,000 cryptocurrencies that have been positioned as alternatives to Bitcoin.
Related: Why Cathie Wood Is Bullish On Coinbase Stock And Thinks Bitcoin Will Hit $1 Million
โBitcoin is the universally recognized digital commodity globally in this industry,โ Saylor added, winking at the fact that Bitcoin is the only cryptocurrency SEC Chairman Gary Gensler has labeled a commodity. The SEC now has declared a total of 68 cryptocurrencies be values.
Bitcoin is currently changing hands for $26,746 an increase of 1.5% in the last 24 hours, according to Cointelegraph price index data. The value of Bitcoin has grown more than 3% over the course of the last week despite the "fear" in the crypto market reaching its highest point in three months.
Crypto research firm Santiment also points to the investment colossus Blackrock filed a Bitcoin Spot ETFs as one of the main drivers of Bitcoin's upward price action in recent days.
Magazine: Bitcoin Is On A Collision Course With 'Net Zero' Promises
Post navigation
Next Post
