On the evening of June 19, Bitcoin dominance – which is measured by Bitcoin’s market cap over the total cap of the entire crypto market – hit the 50% mark, according to data from TradingView. This is the first time since 2021 Bitcoin dominance has reached the 50% mark.
It means that Bitcoin alone accounts for half of the total $1.1 trillion market cap of the entire cryptocurrency industry. According to Coingecko, the market cap of BTC is around $519 billion.
Bitcoin dominance has increased by more than 10.5% since November 27, 2022, largely due to investors seeking a safe haven after the FTX crisis and amid mounting regulatory scrutiny of crypto assets in the United States.
Besides BTC, ETH also accounts for around 20% of the market capitalization. Thus, Bitcoin and Ethereum alone account for about 70% of the cryptocurrency market value.
Michael Saylor, who has bet billions of dollars on Bitcoin, recently predicted that Bitcoin’s market dominance will reach 80% in the near future and most altcoins will go away. “Bitcoin dominance will continue to grow as the #Crypto industry rationalizes around $BTC and goes mainstream”, he said.
Saylor also noted that Bitcoin is the only cryptocurrency that SEC Chairman Gary Gensler has confirmed is not a security. Meanwhile, the agency has declared 52 other cryptocurrencies as unregistered securities.
The surge of BTC comes from the news that the world’s leading asset management firm, BlackRock, has filed an application for a Bitcoin ELF, strongly reinforcing the reputation of the coin among investors.
BTC is currently hovering around the $26,700 mark, up 1.5% in the last 24 hours. It at one point rose to $27,179 on the morning of June 20 – the highest value since June 5. Bitcoin’s value has increased by more than 3% in 7 days despite the market’s fear index reaching its highest point in three months.
