Bitcoin Regains 50% of Crypto Market Dominance
After two years, Bitcoin has once again seized control of the crypto market, with its market dominance reaching the halfway mark. This achievement has solidified its standing as the prime player in the cryptocurrency sphere. In recent times, Bitcoin’s market indicators have experienced a dip, descending by $26,743. Despite the fall, the cryptocurrency’s market prevalence, gauging its proportion of the entire digital currency market, has crossed the 50% threshold.
TradingView statistics showcased the crescendo of Bitcoin dominance just beyond 50% on June 19, 6 p.m. UTC. By the time of publication, it marginally retreated to 49.9%. This signifies that Bitcoin’s price, single-handedly, makes up half of the total $1.1 trillion cryptocurrency market capitalization. According to Coingecko, Bitcoin’s current market valuation stands at an impressive $619 billion.
In the past eight months, Bitcoin has seen a notable surge in its dominance, in stark contrast to Ether (ETH). The latter’s indicators have been on a downward trajectory by $1,724, but its market dominance has remained more or less stable, hovering around 20% for most of the year. The joint value of Bitcoin and Ether represents nearly 70% of the entire crypto market.
Bitcoin enthusiast and MicroStrategy co-founder, Michael Saylor, predicts that the cryptocurrency’s market dominance could potentially exceed 80% in the future. He suggests increased regulatory pressure from the Securities and Exchange Commission might push stablecoins and other crypto assets into oblivion. Moreover, he ascribes the absence of significant institutional investment in the crypto market to the “bewilderment and unease” spurred by the presence of 25,000 other digital currencies vying to replace Bitcoin.
In the eyes of industry insiders, Bitcoin is widely recognized as the premier digital commodity, thanks to its unique designation as a commodity by SEC Chair Gary Gensler. Meanwhile, the SEC has classified 68 other digital currencies as securities. The Cointelegraph Price Index shows that Bitcoin is currently trading at $26,746, a rise of 1.5% in the last 24 hours. Despite the palpable anxiety, Bitcoin’s value continues its steady ascent.