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Bitcoin

Gary

Bitcoin’s dominance rate, indicating its share in the total cryptocurrency market capitalization, has once again hit the 50% mark, for the first time since 2021.
As of June 20, Bitcoin&#8217;s portion of the total cryptocurrency market cap crossed this significant halfway point, underlining the cryptocurrency&#8217;s enduring resilience and appeal. Now, the world&#8217;s leading cryptocurrency stands at 50.06% market dominance.
<figure id="attachment_22155" aria-describedby="caption-attachment-22155" style="width: 2108px" class="wp-caption alignnone"><img decoding="async" class="wp-image-22155 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/06/Bitcoin-market-dominance-1.png" alt="Bitcoin market dominance 1" width="2108" height="1460" srcset="https://crypto.ro/en/wp-content/uploads/2023/06/Bitcoin-market-dominance-1.png 1200w, https://crypto.ro/en/wp-content/uploads/2023/06/Bitcoin-market-dominance-1-300x208.png 300w, https://crypto.ro/en/wp-content/uploads/2023/06/Bitcoin-market-dominance-1-1024x709.png 1024w, https://crypto.ro/en/wp-content/uploads/2023/06/Bitcoin-market-dominance-1-768x532.png 768w, https://crypto.ro/en/wp-content/uploads/2023/06/Bitcoin-market-dominance-1-750x519.png 750w, https://crypto.ro/en/wp-content/uploads/2023/06/Bitcoin-market-dominance-1-1140x790.png 1140w" sizes="(max-width: 2108px) 100vw, 2108px" title="Bitcoin regains 50% market dominance for first time since 2021 1"><figcaption id="caption-attachment-22155" class="wp-caption-text">Bitcoin market dominance since 2021 | TradinngView</figcaption></figure>
<a href="https://crypto.ro/en/bitcoin/">Bitcoin</a> now makes up half of the total $1.1 trillion cryptocurrency market, with a market capitalization of $519 billion. This increase is part of a trend that began in late November 2022, with <a href="https://crypto.ro/en/news/bitcoin-nears-50-market-dominance/">Bitcoin&#8217;s market dominance</a> having surged by over 10.5% since then.
Investors have increasingly turned to Bitcoin as a digital safe haven amidst the recent <a href="https://crypto.ro/en/news/ftx-founder-sam-bankman-fried-fights-legal-battle/">FTX crisis</a> and the increasing regulatory scrutiny of cryptocurrencies in the United States.
This has been further boosted by <a href="https://crypto.ro/en/news/blackrocks-bitcoin-etf-boosts-market-amid-16m-short-losses/">Blackrock&#8217;s recent filing for a Bitcoin spot ETF</a>, a move that has seemingly contributed to a positive shift in Bitcoin&#8217;s price action.
<blockquote class="twitter-tweet">
Regulatory clarity is going to drive <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Bitcoin</a> adoption by eliminating the confusion &amp; anxiety that has been holding back institutional investors. Bitcoin dominance will continue to grow as the <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Crypto</a> industry rationalizes around <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$BTC</a> and goes mainstream. <a href="https://t.co/Foq4lpderj" rel="nofollow" target="_blank">pic.twitter.com/Foq4lpderj</a>
— Michael Saylor<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;" /> (@saylor) <a href="https://twitter.com/saylor/status/1668681012115546120?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">June 13, 2023</a></blockquote>
Simultaneously, <a href="https://crypto.ro/en/cryptocurrencies/ethereum">Ether (ETH)</a> has maintained a steady market dominance of around 20% over the past year. Together, Bitcoin and Ether now make up roughly 70% of the entire crypto market.
Bitcoin&#8217;s rise in dominance has been predicted by industry experts. <a href="https://crypto.ro/en/news/microstrategys-bitcoin-strategy-pays-off-as-firm-returns-to-profitability/">Michael Saylor</a>, the co-founder of MicroStrategy and an outspoken Bitcoin advocate, anticipates that Bitcoin&#8217;s market dominance will exceed 80% in the coming years. Saylor attributes this prediction to the increasing regulatory pressures that could cause many other cryptocurrencies to become less significant.
Saylor asserts that the industry is heading towards a Bitcoin-centric future, with only a handful of other Proof of Work tokens remaining. He attributes the absence of &#8220;mega institutional money&#8221; in the crypto space to the &#8220;confusion and anxiety&#8221; caused by the overwhelming number of cryptocurrencies that position themselves as alternatives to Bitcoin.
<blockquote>&#8220;Bitcoin is the universally, globally-acknowledged digital commodity in this industry&#8221;, Saylor further notes.</blockquote>
This statement aligns with SEC Chair Gary Gensler&#8217;s classification of Bitcoin as the only cryptocurrency commodity, with 68 other <a href="https://crypto.ro/en/news/sec-identifies-12-tokens-as-securities-in-lawsuit-against-binance-and-ceo-changpeng-zhao/">cryptocurrencies now declared as securities by the SEC</a>.
Despite recent market fears, the value of Bitcoin has grown by more than 3% over the past week and is currently trading at $26,746.

Bitcoin regains 50% market dominance for first time since 2021

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