The Market Share of Bitcoin Surpasses 50% For The First Time In Two Years

Investors are gravitating toward Bitcoin as a result of Blackrock's spot ETF registration and the Securities and Exchange Commission's assault on cryptocurrencies.

Source: www.publish0x.com

The percentage of the overall crypto market cap that Bitcoin accounts for, as measured by its dominance, has surpassed 50%. According to statistics from TradingView, Bitcoin dominance peaked on June 19 at 6 PM UTC and has subsequently dropped to 49.9% as of the time of publishing. This indicates that Bitcoin alone represents 50% of the $1.1 trillion market capitalization for all cryptocurrencies. Coingecko stats show that the market capitalization of Bitcoin is currently $519 billion.

Bitcoin market dominance. Source: TradingView.

Notably, since November 27, 2022, Bitcoin has increased its market share by more than 10.5%. This growth has been mostly attributed to investors seeking safety in the flagship cryptocurrency asset in the aftermath of the FTX crisis and under increasing governmental scrutiny of crypto assets in the United States. 

Ether's market domination has been stable at roughly 20% for the better part of a year, but Bitcoin's has expanded dramatically over the previous eight months. Currently, Bitcoin and Ether together make up over 70% of the whole cryptocurrency market in terms of value. Michael Saylor, co-founder of MicroStrategy and an ardent proponent of Bitcoin, predicts that the market share of Bitcoin will surpass 80% in the years to come as stablecoins and the bulk of other crypto assets disappear under rising mandates from the Securities and Exchange Commission.

The entire industry is doomed to become a Bitcoin-focused industry, with maybe six to twelve other Proof of Work tokens, Saylor further attributed the absence of mega institutional money to the confusion and anxiety caused by the 25,000 various digital currencies that have presented themselves as competitors to Bitcoin.

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In reference to the reality that Bitcoin is the one cryptocurrency that SEC Chair Gary Gensler has classified as a commodity, Saylor continued, ‘’Bitcoin is the only kind of digital currency that is accepted anywhere. 68 cryptocurrencies have now been classified as securities by the SEC.’’

According to information from the Cointelegraph Price Index, the price of one bitcoin is presently $26,746, a rise of 1.5% over the last 24 hours. Despite fear in the crypto market hitting its greatest level in three months during the last week, the value of Bitcoin has increased by more than 3%.

One of the main factors influencing Bitcoin's price movement upward over the past several days, cryptocurrency analysis firm Santiment data claims that the application for a Bitcoin spot ETF by investing behemoth Blackrock might help the process of adoption.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.