For The First Time In Two Years, Bitcoin Has Achieved 50% Market Domination

June 20, 2023

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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 publishing. This indicates that Bitcoin alone accounts for half of the cryptocurrency’s overall market capitalization of $1.1 trillion. According to Coingecko statistics, the current market valuation of Bitcoin is $519 billion.

Notably, Bitcoin’s market domination has increased by more than 10.5% since November 27, 2022, owing mostly to investors seeking a safe haven in the aftermath of the FTX crisis and rising governmental scrutiny of crypto assets in the United States.

While Bitcoin’s market dominance has expanded dramatically over the previous eight months, Ether’s market dominance has remained stable at around 20% for the better part of a year. The combined value of Bitcoin and Ether currently accounts for nearly 70% of the whole cryptocurrency market.

Saylor, on the other hand, blamed the lack of “mega institutional money” entering the crypto market on “confusion and anxiety” as the primary cause for the demise of stablecoins and other cryptocurrencies. It is said to be the consequence of covert pressure from the 25,000 other cryptocurrencies that have positioned themselves as Bitcoin alternatives.

Santiment, a cryptocurrency analysis group, also cites investing behemoth Blackrock’s registration for a Bitcoin spot ETF as one of the key reasons for Bitcoin’s recent price rise.

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