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The leading cryptocurrency across the global crypto market, Bitcoin (BTC), has proven its “dominance” again. The broader crypto industry has been through one of the toughest phases for the past several months, and almost all the crypto assets have suffered declines in their trading price, trading volume and market capitalization. Bitcoin also shed its value, however, sustained despite the odds throughout. Now, it holds half of the overall market capitalization of the global crypto market.
Bitcoin Stands Alone at the Top
The biggest cryptocurrency in the market now holds half of the dominance in the crypto market. Recent data shows the market cap of Bitcoin accounts for over 50% of the overall crypto market cap.
TradingView data shows Bitcoin’s dominance currently floating above 50% at the time of writing.
Out of $1.08 Trillion global crypto market capitalization, Bitcoin (BTC) holds over $520 Billion, according to the CoinMarketCap data. This indicates a portion of over 50% in the crypto market cap occupied by the biggest cryptocurrency. Currently, Bitcoin is trading at $26,817 with a slight uptick of over 2% in the last seven days.
As mentioned above, the broader crypto market shrunk during the heavy turmoil resulting in crypto winter. Many prominent crypto projects and companies fell to the ground, evaporating billions of dollars of wealth from the market. Terra (LUNA) network fell, Celsius, Voyager and BlockFi like crypto lenders failed, crypto hedge fund Three Arrows Capital (3AC) broke, and one of the significant blows came after the bankruptcy filing of the once leading crypto exchange, FTX.
The bankruptcy under Chapter 11 bankruptcy code was filed in November last year. The market dominance of Bitcoin has increased since then. Data shows a surge of over 10%.
Given the timing, the correlation between investors’ capital flowing from declining crypto assets to Bitcoin seeking a safe haven was seen. Ramping up of regulatory enforcement since the fallout in the market has also resulted in people towards Bitcoin.
Akin to BTC price not showcasing any enthusiasm, the Bitcoin fear and greed index also remained neutral on June 20. For even last week and last month, it revolved around neutrality.
Cryptocurrency counterpart of Bitcoin, Ethereum (ETH) on the other hand, has maintained a steady market dominance. Ethereum holds about 20% dominance in the crypto market. Together, both the leading cryptocurrencies account for 70% of the overall market capitalization of the global crypto market.
MicroStrategy CEO and a long time Bitcoin evangelist, Michael Saylor, stated that given the regulatory clarity ramping up across the crypto market, it will lead to the adoption. “Confusion and anxiety” among the institutional investors will also vanish and Bitcoin’s dominance across the crypto market will continue to rise.
Regulatory clarity is going to drive #Bitcoin adoption by eliminating the confusion & anxiety that has been holding back institutional investors. Bitcoin dominance will continue to grow as the #Crypto industry rationalizes around $BTC and goes mainstream. pic.twitter.com/Foq4lpderj
— Michael Saylor⚡️ (@saylor) June 13, 2023
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
