Investors are flocking to Bitcoin as a result of Blackrock’s spot ETF filing and the Securities and Exchange Commission’s assault on cryptocurrency.
Bitcoin’s dominance of $26,800, a measure of how much Bitcoin takes up of the whole crypto market value, has surpassed 50%.
According to TradingView statistics, Bitcoin dominance peaked at just over 50% on June 19 at 6 p.m. UTC and has subsequently fallen to 49.9% at the time of publication.
This indicates that Bitcoin alone accounts for half of cryptocurrency’s overall market capitalisation of $1.1 trillion. According to Coingecko data, the current market valuation of Bitcoin is $519 billion.
Notably, since November 27, 2022, Bitcoin’s market domination has increased by more than 10.5%.
This surge fueled in large part by investors seeking a safe haven in the aftermath of the FTX crisis and rising regulatory scrutiny of crypto assets in the United States.
While Bitcoin’s market dominance has expanded dramatically in the last eight months, Ether’s $1,730 market domination has remained stable around 20% for the greater part of a year. The combined value of Bitcoin and Ether currently accounts for nearly 70% of the total cryptocurrency market.
Michael Saylor, co-founder of MicroStrategy and an ardent Bitcoin bull, expects that Bitcoin’s market domination will exceed 80% in the next years as increased regulatory pressure from the Securities and Exchange Commission drives stablecoins and the bulk of other crypto assets to “go away.”
“The entire industry is destined to be rationalized down to a Bitcoin-focused industry, with maybe a half-dozen to a dozen other Proof of Work tokens.”
Furthermore, Saylor blamed the lack of “mega institutional money” entering the crypto market on the “confusion and anxiety” caused by the 25,000 other cryptocurrencies that have positioned themselves as Bitcoin substitutes.
“Bitcoin is the universally, globally-acknowledged digital commodity in this industry,” Saylor continued, referring to the fact that Bitcoin is the only cryptocurrency designated as a commodity by SEC Chair Gary Gensler. The SEC has now designated 68 cryptocurrencies as securities.
According to the trading view Price Index, bitcoin is presently trading at $26000 USD, up 1.5% in the last 24 hours. Despite “fear” in the crypto market reaching a three-month high, the value of Bitcoin has increased by more than 3% in the last week.
Santiment, a cryptocurrency analysis group, also cites investing behemoth Blackrock’s filing for a Bitcoin spot ETF as one of the key reasons of Bitcoin’s recent price rise.