June 20, 2023

Bitcoin Makes up of 50% of Entire Crypto Market

Bitcoin

Bitcoin

Data from TradingView showed that Bitcoin has hit above 50% of the whole crypto market cap at the time of writing, which means that its total value in the crypto market is more than half of $1.1 trillion (the total value of the crypto market). According to data from Coingecko, Bitcoin’s current market capitalization stands at more than $522.7 million. 

Since November 2022, Bitcoin’s market dominance hiked by more than 10.5% in light of the FTX collapse and investors’ keenness to invest in BTC as a safe crypto asset. 

At the same time, the Ethereum market dominance recorded 19.97% at the time of writing after hitting 20% hours ago. Currently, Bitcoin and Ethereum combined make up roughly 70% of the whole crypto market. 

In this regard, MicroStrategy co-founder Michael Saylor believed that Bitcoin’s market dominance will record 80% in the next years, as increasing regulatory pressure from the United States Securities and Exchange Commission causes stablecoins and the majority of other crypto assets to “go away.”

“Bitcoin dominance will continue to grow as the #Crypto industry rationalizes around $BTC and goes mainstream. “The entire industry is destined to be rationalized down to a Bitcoin-focused industry, with maybe half a dozen to a dozen other Proof of Work tokens,” Saylor tweeted. 

A May study showed that Bitcoin became one of the top three assets in case of a theoretical debt default in the United States. Bloomberg’s latest Markets Live Pulse survey said some investors consider Bitcoin a kind of digital gold. The survey pointed out that Bitcoin is a more popular safe haven than the US dollar amid the risk of a US debt default. 

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