Bitcoin reaches 50% market dominance for the first time in 2 years

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Bitcoin (BTC) dominance, the measure of bitcoin’s share of total crypto market capitalization, has crossed the 50% mark.

On June 19 at 6 p.m. UTC, Bitcoin dominance reached just over 50% and has since stabilized at 49.9% at press time, according to data from TradingView.

This means that Bitcoin alone accounts for half of the total crypto market cap of $1.1 trillion. The current Bitcoin market capitalization stands at $519 billion, according to data from Coingecko.

Notably, Bitcoin market dominance has jumped over 10.5% since Nov. 27, 2022, a rise largely driven by investors viewing the flagship crypto asset as a safe haven in the wake of the FTX crisis and amid increasing regulatory scrutiny of crypto assets in the United States.

Bitcoin market dominance over the past 4 days. Source: Trading View.

While Bitcoin dominance has increased significantly over the past eight months, Ether (ETH) market dominance has hovered around the 20% mark for most of the year. Currently, the combined value of Bitcoin and Ether is now around 70% of the entire crypto market.

Michael Saylor, co-founder of MicroStrategy and outspoken bitcoin bull, estimates bitcoin market dominance will exceed 80% in the coming years as increasing regulatory pressure from the Securities and Exchange Commission drives the demise of stablecoins and the majority of other crypto assets.

The whole industry is destined to be streamlined into a bitcoin-centric industry, with maybe half a dozen to a dozen more proof-of-work tokens.

Additionally, Saylor blamed the lack of institutional mega-money entering the crypto space on the confusion and anxiety caused by the 25,000 other cryptocurrencies that have positioned themselves as alternatives to Bitcoin.

Related: Why Cathie Wood Is Bullish On Coinbase Stocks And Thinks Bitcoin Will Hit $1 Million

Bitcoin is the universally and globally recognized digital commodity in this industry, Saylor added, nodding to the fact that Bitcoin is the only cryptocurrency that SEC Chairman Gary Gensler has labeled a commodity. The SEC has now declared a total of 68 cryptocurrencies to be securities.

Bitcoin is currently changing hands for $26,746, an increase of 1.5% over the past 24 hours, according to data from Cointelegraph Price Index. Bitcoin’s value has risen more than 3% in the past week despite fears that the crypto market could hit its three-month high.

Crypto research firm Santiment also reports that investment colossus Blackrocks has claimed a Bitcoin spot ETF as one of the main drivers behind Bitcoin’s price rally over the past few days.

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