Bitcoin claims half of crypto market cap for first time since 2021

by Jun 20, 2023CryptoNews0 comments

Bitcoin ( BTC) has reached a new milestone in its dominance over the crypto market, surpassing 50% for the first time in two years. On June 19 at 6 pm UTC, Bitcoin dominance hit just above 50% and has since settled to 49.9% at the time of publication, according to data from TradingView. This means that Bitcoin alone represents half of crypto’s total $1.1 trillion dollar market capitalization. Bitcoin’s current market capitalization stands at $519 billion, according to data from Coingecko.

Bitcoin’s dominance has increased by more than 10.5% since Nov. 27, 2022, an increase driven largely by investors seeking refuge in the flagship crypto asset amid the FTX crisis and the growing regulatory pressure on crypto assets in the United States. Bitcoin market dominance over the last 4 days. Source: TradingView.

While Bitcoin dominance has risen significantly over the last eight months, Ether’s ( ETH) market dominance has remained stable around the 20% mark for most of a year. Currently, the combined value of Bitcoin and Ether accounts for roughly 70% of the entire crypto market.

MicroStrategy co-founder and vocal Bitcoin supporter Michael Saylor believes that Bitcoin’s market dominance will top 80% in the coming years, as increasing regulatory clarity from the Securities and Exchange Commission causes stablecoins and most other crypto assets to “go away.”

Regulatory clarity is going to drive #Bitcoin adoption by eliminating the confusion & anxiety that has been holding back institutional investors. Bitcoin dominance will continue to grow as the #Crypto industry rationalizes around $BTC and goes mainstream. — Michael Saylor⚡️ (@saylor) June 13, 2023

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“The entire industry is destined to be rationalized down to a Bitcoin-focused industry, with maybe half a dozen to a dozen other Proof of Work tokens.” Additionally, Saylor blamed the lack of any “mega institutional money” entering the crypto space on the “confusion and anxiety” brought about by the 25,000 other cryptocurrencies that have positioned themselves as alternatives to Bitcoin.

Related: Why Cathie Wood is bullish on Coinbase stock and believes Bitcoin will reach $1 million

“Bitcoin is the universally, globally-acknowledged digital commodity in this industry,” Saylor added, referring to the fact that Bitcoin is the only cryptocurrency SEC Chair Gary Gensler has labeled a commodity. The SEC has now declared a total of 68 cryptocurrencies to be securities

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