Bitcoin reaches 50% market dominance for first time in 2 years

Bitcoin (BTC) dominance, the measurement of however overmuch Bitcoin makes up of the full crypto marketplace cap, has breached the 50% mark.

On June 19 astatine 6pm UTC, Bitcoin dominance deed conscionable supra the 50%  and has since settled to 49.9% astatine the clip of publication, according to data from TradingView.

50% marketplace dominance means that Bitcoin unsocial accounts for fractional of crypto’s total $1.1 trillion dollar marketplace capitalization. Bitcoin’s existent marketplace capitalization stands astatine $519 billion, according to data from Coingecko.

Notably, Bitcoin’s marketplace dominance has surged by much than 10.5% since Nov. 27 2022, an summation driven successful ample portion by investors looking to the flagship crypto plus arsenic a harmless haven successful the wake of the FTX crisis and amid mounting regulatory scrutiny of crypto assets successful the United States.

Bitcoin marketplace dominance implicit the past 4 days. Source: TradingView.

While Bitcoin dominance accrued importantly implicit the past 8 months, Ether’s (ETH) marketplace dominance has been holding dependable astir the 20% people for the amended portion of a year. At current, the combined worth of Bitcoin and Ether present relationship for astir 70% of the full crypto market.

Microstrategy co-founder and outspoken Bitcoin bull Michael Saylor believes that Bitcoin’s marketplace dominance volition apical 80% successful the coming years, arsenic expanding regulatory unit from the Securities and Exchange Commission causes stablecoins and the bulk of different crypto assets to “go away.”

Regulatory clarity is going to thrust #Bitcoin adoption by eliminating the disorder & anxiousness that has been holding backmost organization investors. Bitcoin dominance volition proceed to turn arsenic the #Crypto manufacture rationalizes astir $BTC and goes mainstream. pic.twitter.com/Foq4lpderj

— Michael Saylor⚡️ (@saylor) June 13, 2023 “The full manufacture is destined to beryllium rationalized down to a Bitcoin-focused industry, with possibly fractional a twelve to a twelve different Proof of Work tokens.”

Additionally, Saylor blamed the deficiency of immoderate “mega organization money” entering the crypto abstraction connected the “confusion and anxiety” brought astir the by the 25,000 different cryptocurrencies that person positioned themselves arsenic alternatives to Bitcoin.

Related: Why Cathie Wood is bullish connected Coinbase banal and believes Bitcoin volition scope $1 million

“Bitcoin is the universally, globally-acknowledged integer commodity successful this industry,” Saylor added, making a motion to the information that Bitcoin is the lone cryptocurrency SEC seat Gary Gensler has labeled a commodity. The SEC has present declared a full of 68 cryptocurrencies to beryllium securities.

Bitcoin is presently changing hands for $26,746 an summation of 1.5% successful the past 24 hours according to data from Cointelegraph Price Index. The worth of Bitcoin has grown much than 3% implicit the people of the past week contempt “fear” successful the crypto marketplace reaching its highest point successful 3 months.

Crypto probe steadfast Santiment besides points to concern colossus Blackrock’s filing for a Bitcoin spot ETF arsenic 1 of the large drivers of Bitcoin's upwards terms enactment implicit the past fewer days.

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