2023-06-20 08:32:13
On June 19, in the followingnoon, Bitcoin’s market dominance exceeded 50%. This means that Bitcoin alone accounts for half of the entire crypto market’s market capitalization of $1.1 trillion. Currently, BTC’s market capitalization is around $520 million according to Coingecko data, so its dominance has just slipped back below 50%. Confidence in Bitcoin is unbroken What is even more interesting, however, is that BTC’s market dominance began to grow seriously on November 27, 2022 and has risen by 10.5% since then. This is mainly due to the fact that following the collapse of FTX, investors fled to the largest cryptocurrency as an emergency reserve. Plus, regulatory attacks on various crypto companies and crypto assets in the United States are driving users towards BTC. In terms of market dominance, Ethereum maintains a stable level of around 20%. And this also means that the two largest cryptos account for 70% of the total value of the crypto market. According to Michael Saylor, head of MicroStrategy, a bitcoin fanatic who invests huge sums of money in bitcoin, in the next couple of years, bitcoin’s dominance will increase to over 80%, thanks to the US Securities and Exchange Commission’s (SEC) proceedings once morest stablecoins and most altcoins. it will disappear. Saylor predicts that there will be 6-12 proof-of-work tokens left in addition to bitcoin, nothing else. According to the leader of MicroStrategy, the current chaotic situation was caused by the huge amount of inflow of capital and the appearance of more than 25,000 cryptocurrencies that advertise themselves as Bitcoin alternatives. What may support Saylor’s argument in his prediction of 80% market dominance is the fact that Bitcoin is the only cryptocurrency that SEC chief Gary Gensler previously classified as a commodity. Of course, its price now does not reflect the faith in it so much, at the time of writing this article, they pay just under $26,700 for one BTC.
1687254833
#Bitcoins #market #dominance #crossed
