Bitcoin

Bitcoin has once again asserted its dominance in the cryptocurrency market. According to TradingView data, Bitcoin&#39;s market capitalization has surpassed the combined value of all other cryptocurrencies. This milestone is a breath of fresh air for Bitcoin enthusiasts, who have seen its market share fluctuate over the years.On Monday, TradingView&#39;s BTC dominance metric climbed above 50%, a level not seen since May 2021. This increase in dominance coincided with a challenging period for Bitcoin, marked by China&#39;s ban on crypto mining and Tesla distancing itself due to environmental concerns. Consequently, Bitcoin experienced a significant price drop during that time.Interestingly, Ethereum (ETH) faced an even steeper decline than Bitcoin. The ETH/BTC pair fell to a ratio of just 0.05 during this tumultuous period. Similar trends have emerged recently, with the ETH/BTC ratio dropping from 0.07 on June 6 to 0.064 as of now.Notably, other prominent altcoins such as Cardano (ADA), Solana (SOL), and Polygon (MATIC) have also struggled to keep up with Bitcoin. A lawsuit filed by a US regulator against Coinbase alleging that these three coins are unregistered securities exacerbated their decline. However, it&#39;s worth mentioning that the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, has reiterated his stance that Bitcoin should be classified as a commodity.The SEC&#39;s lawsuit against Binance, a major cryptocurrency exchange, identified its native token BNB as a security. Consequently, BNB&#39;s market value, which ranks fourth among cryptocurrencies, dropped by 20% since the beginning of the month.Critics often argue that Bitcoin&#39;s dominance metric underestimate its actual market share, primarily due to the inclusion of stablecoins in the calculation. Stablecoins, which are essentially digital dollars, experienced a downturn this year after the SEC compelled Paxos to wind down BUSD, erasing billions of dollars in tokens from circulation.Notably, MicroStrategy&#39;s executive chairman, Michael Saylor, predicts that Bitcoin&#39;s dominance will exceed 80% as regulators tighten their grip on other digital assets. This projection further bolsters Bitcoin&#39;s position in the market.In recent news, Bitcoin has seen a 6% increase in value since last week following BlackRock&#39;s filing for a Bitcoin Spot ETF. This development has sparked optimism among investors, who anticipate unique approval from the SEC.As Bitcoin&#39;s dominance surges once again, the cryptocurrency market landscape is undergoing significant shifts. Bitcoin&#39;s enduring prominence and its ability to weather storms make it a force to be reckoned with in the digital asset realm.

Bitcoin's Market Dominance Surges Above 50% as Altcoins Struggle: Here's What You Need to Know

ItsBitcoinWorld

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