Reserve

Bitcoin

Gary

ORDI

<p class="is-style-lead">Bitcoin has surpassed the combined market capitalization of all other cryptocurrencies, according to recent data from TradingView. This comes against shifting economic circumstances, regulatory actions, and investor sentiment. </p>



<p>According to TradingView data, Bitcoin&#8217;s (<a href="https://crypto.news/price/bitcoin/">BTC</a>) <a href="https://crypto.news/glossary/market-cap-in-crypto/">market capitalization</a> is larger than all other cryptocurrencies combined, with its dominance metric exceeding 50%. As of this writing, BTC’s dominance stood at 50.06%.</p>



<figure class="wp-block-image"><img decoding="async" src="https://lh3.googleusercontent.com/HY1PJD2rVs8I0J1fwcAVPd7aV4YwOH4c0V7LqHYLrwA_AAqoCgnizarTTAD0GQUCxQqF0W0rnnU4KokFTzP5NI14QFSJ8p23aPWFdZNFBg8uinBTbjwOVJO_eA7X3hrxXT4dKWoZnwlN1TPHiG6nzks" alt="Bitcoin market cap reclaims crypto dominance with 50% share - 1"><figcaption class="wp-element-caption">BTC dominance chart | Source: <a href="https://www.tradingview.com/chart/8dRqi488/?symbol=CRYPTOCAP%3ABTC.D" target="_blank" rel="noopener">TradingView</a></figcaption></figure>



<p>This dominance marks a significant rebound from May 2021, when bitcoin&#8217;s price took a steep downturn due to <a href="https://crypto.news/china-allegedly-offers-bitcoin-bounty-to-murder-australian-ccp-critic/">China</a>&#8216;s ban on crypto mining and Tesla&#8217;s environmental concerns.</p>



<p>This resurgence is not a singular event. Bitcoin has repeatedly demonstrated its resilience in the face of adversity. Let’s try to deconstruct the underlying reasons behind its current dominance and predict what this might mean for the future of cryptocurrency.</p>



<h2 class="wp-block-heading" id="market-forces-at-play">Market forces at play</h2>



<p>Recent market dynamics have propelled Bitcoin&#8217;s resurgence. Notably, when the Federal Reserve announced aggressive monetary tightening in response to <a href="https://crypto.news/bitcoin-holds-strong-as-inflation-causes-chaos-on-uk-markets/">high inflation</a> rates, the crypto market took a significant hit. </p>



<p>Bitcoin was no exception, experiencing a substantial price drop. However, Ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>) and other cryptocurrencies fell even more drastically, increasing BTC dominance.</p>




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<p>Furthermore, recent SEC <a href="https://crypto.news/coingecko-says-sec-lawsuits-against-binance-and-coinbase-sent-crypto-prices-tumbling/">activities</a>, like the <a href="https://crypto.news/bitcoin-global-crypto-market-falls-sec-binance-coinbase-weekly-recap/">lawsuit</a> against <a href="https://crypto.news/exchanges/binance/">Binance</a>, have disrupted the market. This suit categorized Binance&#8217;s native token, <a href="https://crypto.news/price/bnb/">BNB</a>, as a security, subsequently plummeting by 20% in market value. </p>



<p>Such developments have bolstered bitcoin&#8217;s standing as investors retreat to what they perceive as a &#8216;safer&#8217; asset.</p>



<h2 class="wp-block-heading" id="a-commodity-amid-securities">A commodity amid securities</h2>



<p>The SEC&#8217;s stance on bitcoin is pivotal in shaping market behavior. While the Commission has labeled numerous cryptocurrencies as securities, it views bitcoin differently.</p>



<p>According to SEC Chairman Gary Gensler, bitcoin is a commodity. This classification makes bitcoin a preferred choice for many investors, particularly given recent regulatory crackdowns on other digital assets.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Bitcoin is a commodity<br><br>In 2015, the Commodity Futures Trading Commission, CFTC, ruled Bitcoin is a commodity.<br><br>In 2017, SEC chairman, Jay Clayton, said Bitcoin is a digital commodity.<br><br>In 2023, SEC chairman, Gary Gensler, said Bitcoin is a commodity.</p>&mdash; OFFICIAL BACKUP PAGE ‼ (@TheBTCTherapst1) <a href="https://twitter.com/TheBTCTherapst1/status/1668944697962778624?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 14, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Meanwhile, BlackRock&#8217;s <a href="https://crypto.news/blackrock-nears-bitcoin-etf-filing-partnering-with-coinbase-custody/">recent</a> filing for a bitcoin spot ETF has further fueled bitcoin&#8217;s rise, with investors optimistic about a unique approval from the SEC. </p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Just learned the Blackrock ETF decision precedes BTC halving by 2 months (Apr 2024). <br><br>Strong tailwinds ahead for BTC, don&#39;t think I&#39;ve ever been more bullish. <br><br>On top of ordinals and taproot, I&#39;m shifting my narrative to BTC &gt; ETH. <br><br>Numerous catalysts favoring BTC right now&#8230; <a href="https://t.co/s8qryYvb8E" target="_blank">pic.twitter.com/s8qryYvb8E</a></p>&mdash; Aditya Dave (@tweetsbyadit) <a href="https://twitter.com/tweetsbyadit/status/1670864065441280001?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 19, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>If approved, this ETF could serve as a significant vote of confidence in bitcoin, potentially driving its market dominance even higher.</p>



<h2 class="wp-block-heading" id="strong-microstrategy-s-prediction-and-the-future-of-bitcoin-strong"><strong>MicroStrategy’s prediction and the future of bitcoin</strong></h2>



<p>Bitcoin’s future seems even brighter considering Michael Saylor, executive chairman of MicroStrategy, predicts that bitcoin&#8217;s dominance could rise above 80% as regulators continue to clamp down on other digital assets. His views align with the current trend of increasing bitcoin dominance amid regulatory scrutiny.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Regulatory clarity is going to drive <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> adoption by eliminating the confusion &amp; anxiety that has been holding back institutional investors. Bitcoin dominance will continue to grow as the <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Crypto</a> industry rationalizes around <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> and goes mainstream. <a href="https://t.co/Foq4lpderj" target="_blank">pic.twitter.com/Foq4lpderj</a></p>&mdash; Michael Saylor⚡️ (@saylor) <a href="https://twitter.com/saylor/status/1668681012115546120?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 13, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>If Saylor&#8217;s prediction proves accurate, we may witness a paradigm shift in the cryptocurrency industry, with a bitcoin-focused future possibly on the horizon. </p>



<p>As we continue to unravel the intricacies of the crypto world, the resilience of bitcoin remains a testament to its robust structure, market appeal, and unwavering dominance.</p>




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Bitcoin market cap reclaims crypto dominance with 50% share

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