Bitcoin dominance exceeded 50 %, after two years
By June 19, the capitalization of Bitcoin had surpassed the rest of the cryptocurrencies by 50 %
Bitcoin (BTC) dominance in the cryptocurrency market has surpassed 50 % of the total capitalization of digital assets. According to data from TradingView, on June 19.
This means that the asset represents half of the total cryptocurrency market capitalization, which stands at $1.1 billion. Bitcoin’s current market capitalization is $519 billion, according to data from Coingecko.
Over the past eight months, the cryptocurrency market dominance has increased by more than 10.5 %, largely driven by investors seeking refuge in this cryptocurrency after the FTX crisis and amid increasing regulatory oversight over crypto assets in the United States.
Meanwhile, Ether (ETH) market dominance has held steady around 20% for the better part of a year. Together, the combined value of Bitcoin and Ether represents approximately 70 % of the entire cryptocurrency market.
Michael Saylor, co-founder of MicroStrategy and a Bitcoin proponent, predicts that Bitcoin’s market dominance will surpass 80 % in the next few years, as regulatory pressure mounts and many other cryptocurrencies and stablecoins “disappear.”
Saylor also pointed out that the lack of participation of “mega-institutional money” in the cryptocurrency space is due to the confusion and anxiety generated by the numerous alternatives to Bitcoin, since it is considered the “universal digital commodity” in the industry.
The current price of Bitcoin is $26,746, up 1.5 % in the last 24 hours. Despite the rise in “fear” in the cryptocurrency market in the last three months, the value of Bitcoin has grown by more than 3 % in the last week.
Cryptocurrency research firm Santiment also notes that investment firm Blackrock’s filing of a spot Bitcoin ETF has been one of the main drivers of the recent rise in Bitcoin’s price.
K. Tovar
Source: Cointelegraph
(Reference image source: Kanchanara, Unsplash)
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