Bitcoin (BTC) dominance, the measure of how a lot Bitcoin makes up of the overall crypto market cap, has breached the 50% mark.
On June 19 at 6 pm UTC, Bitcoin dominance hit simply above 50% and has since settled to 49.9% on the time of publication, in keeping with knowledge from TradingView.
This implies that Bitcoin alone accounts for half of crypto’s whole $1.1 trillion greenback market capitalization. Bitcoin’s present market capitalization stands at $519 billion, in keeping with knowledge from Coingecko.
Notably, Bitcoin’s market dominance has surged by greater than 10.5% since Nov. 27, 2022, a rise pushed in massive half by traders seeking to the flagship crypto asset as a secure haven in the wake of the FTX disaster and amid mounting regulatory scrutiny of crypto property in the United States.
While Bitcoin dominance elevated considerably during the last eight months, Ether’s (ETH) market dominance has been holding regular across the 20% mark for the higher a part of a yr. Currently, the mixed worth of Bitcoin and Ether now accounts for roughly 70% of your complete crypto market.
MicroStrategy co-founder and outspoken Bitcoin bull Michael Saylor believes that Bitcoin’s market dominance will high 80% in the approaching years, as growing regulatory strain from the Securities and Exchange Commission causes stablecoins and the vast majority of different crypto property to “go away.”
Regulatory readability goes to drive #Bitcoin adoption by eliminating the confusion & nervousness that has been holding again institutional traders. Bitcoin dominance will proceed to develop because the #Crypto trade rationalizes round $BTC and goes mainstream. pic.twitter.com/Foq4lpderj
— Michael Saylor⚡️ (@saylor) June 13, 2023
“The entire industry is destined to be rationalized down to a Bitcoin-focused industry, with maybe half a dozen to a dozen other Proof of Work tokens.”
Additionally, Saylor blamed the dearth of any “mega institutional money” coming into the crypto area on the “confusion and anxiety” introduced in regards to the by the 25,000 different cryptocurrencies which have positioned themselves as alternate options to Bitcoin.
Related: Why Cathie Wood is bullish on Coinbase inventory and believes Bitcoin will attain $1 million
“Bitcoin is the universally, globally-acknowledged digital commodity in this industry,” Saylor added, making a nod to the truth that Bitcoin is the one cryptocurrency SEC Chair Gary Gensler has labeled a commodity. The SEC has now declared a complete of 68 cryptocurrencies to be securities.
Bitcoin is at the moment altering fingers for $26,746 a rise of 1.5% in the final 24 hours, in keeping with knowledge from Cointelegraph Price Index. The worth of Bitcoin has grown greater than 3% over the course of the final week regardless of “fear” in the crypto market reaching its highest level in three months.
Crypto analysis agency Santiment additionally factors to funding colossus Blackrock’s submitting for a Bitcoin spot ETF as one of many main drivers of Bitcoin’s upwards value motion over the previous couple of days.
Magazine: Bitcoin is on a collision course with ‘Net Zero’ guarantees
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