Bitcoin’s (BTC) market dominance, which measures the portion of total crypto capitalization held by the leading cryptocurrency, has recently remained above the 50% mark. According to TradingView data, as of 6 pm UTC on June 19, Bitcoin dominance had risen to just above 50%, before settling at 49.9% at the time of publication. This means that, as of now, Bitcoin alone makes up half of the total crypto market capitalization of $1.1 trillion. Coingecko data also shows that Bitcoin’s current market capitalization stands at $519 billion.
Since November 27, 2022, Bitcoin’s market dominance has increased significantly, with a rise of more than 10.5%. This surge in dominance is largely attributed to investors turning to Bitcoin as a safe haven during the FTX crisis and the growing regulatory scrutiny of crypto assets in the United States.
In comparison, Ether (ETH) market dominance has been hovering around the 20% mark for over a year. The combined value of Bitcoin and Ether now accounts for roughly 70% of the crypto market. Michael Saylor, co-founder of MicroStrategy and a strong Bitcoin bull, believes that Bitcoin’s market dominance will eventually reach 80%. He believes this will be driven by the increased regulatory pressure from the SEC, which will cause most stablecoins and other crypto assets to “go away”.
Saylor also blames the lack of any major institutional money entering the crypto market on the “confusion and anxiety” caused by the thousands of other cryptocurrencies that are posing as alternatives to Bitcoin. He noted that Bitcoin is the only cryptocurrency the SEC has labeled as a commodity, and 68 other cryptocurrencies have been declared as securities.
At the time of writing, Bitcoin is trading at $26,746, showing a 1.5% increase in the last 24 hours, based on Cointelegraph Price Index data. Despite the “fear” in the crypto market reaching its peak in three months, Bitcoin has still managed to gain over 3% in the last week. Crypto research firm Santiment also points to Blackrock’s filing for a Bitcoin spot ETF as one of the major factors driving Bitcoin’s upward price action in the last few days.
