The dominance of Bitcoin- which measures just how much the cryptocurrency makes up for the total crypto market cap, recently breached the 50% mark. On the 19th of June, the dominance of the cryptocurrency touched just above 50%, and has since then settled at 49.9%- as mentioned by TradingView. This implies that cryptocurrency alone accounts for close to half of the 1.1 trillion dollar market capitalization of the crypto industry.
The current market capitalization of the cryptocurrency stands at $519 billion, which was put forth by data received by CoinGecko. Notably, the market dominance of BTC has increased by around 10.5% since the 27th of November, where the increase was driven largely by investors who were looking to the flagship crypto asset as a haven after the FTX crisis, and the mounting regulation towards crypto assets in the United States.
Bitcoin’s Market Dominance Has Reached 50%
While the dominance of Bitcoin had increased significantly over the last eight months or so, the market dominance of Ether had been holding at a steady rate around the 20% mark for almost the better part of a year. Currently, the combined value of both Ether and Bitcoin accounted for 70% of the entire crypto market. Michael Saylor, the co-founder of MicroStrategy, and an outspoken BTC bull went on to claim that the market dominance shown by the cryptocurrency would top 80% in the next few years, as the increasing regulatory pressure from the SEC would cause stablecoins and a vast majority of other forms of assets to go away.
As it stands currently, Bitcoin has been changing hands for $26746, which has also seen an increase of 1.5% in the last 24 hours, as put forward by data from the Cointelegraph Price Index. The value ascribed against BTC has gone up by more than 3% over the last week.