Bitcoin (BTC) dominance, the measure of how a lot Bitcoin makes up of the whole 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 information from TradingView.
Which means Bitcoin alone accounts for half of crypto’s complete $1.1 trillion greenback market capitalization. Bitcoin’s present market capitalization stands at $519 billion, in keeping with information from Coingecko.
Notably, Bitcoin’s market dominance has surged by greater than 10.5% since Nov. 27, 2022, a rise pushed largely by buyers trying to the flagship crypto asset as a protected haven within the wake of the FTX disaster and amid mounting regulatory scrutiny of crypto belongings in america.
Whereas 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 12 months. Presently, 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% within the coming years, as growing regulatory strain from the Securities and Trade Fee causes stablecoins and nearly all of different crypto belongings to “go away.”
Regulatory readability goes to drive #Bitcoin adoption by eliminating the confusion & nervousness that has been holding again institutional buyers. Bitcoin dominance will proceed to develop because the #Crypto business rationalizes round $BTC and goes mainstream. pic.twitter.com/Foq4lpderj
— Michael Saylor⚡️ (@saylor) June 13, 2023
“The complete business is destined to be rationalized right down to a Bitcoin-focused business, with perhaps half a dozen to a dozen different Proof of Work tokens.”
Moreover, Saylor blamed the dearth of any “mega institutional cash” coming into the crypto area on the “confusion and nervousness” introduced concerning the by the 25,000 different cryptocurrencies which have positioned themselves as alternate options to Bitcoin.
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“Bitcoin is the universally, globally-acknowledged digital commodity on this business,” 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 present altering arms for $26,746 a rise of 1.5% within the final 24 hours, in keeping with information from Cointelegraph Worth Index. The worth of Bitcoin has grown greater than 3% over the course of the final week regardless of “concern” within the crypto market reaching its highest level in three months.
Crypto analysis agency Santiment additionally points to funding colossus Blackrock’s submitting for a Bitcoin spot ETF as one of many main drivers of Bitcoin’s upwards worth motion over the previous few days.
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