Bitcoin Dominates Crypto Market, Dominates 50%

Bitcoin dominance is slightly above 50% (photo: Doc. pexels)

JAKARTA - On June 19 at 6 p.m. UTC, Bitcoin dominance hit slightly above 50% and has since stabilized at 49.9% at the time of publication, according to data from TradingView.

This means that Bitcoin itself accounts for half of the total crypto market capitalization of US$1.1 trillion (Rp16,507 trillion). Bitcoin's current market capitalization reaches US$519 billion (Rp7,788 trillion), according to data from Coinecko.

It should be noted that the dominance of the Bitcoin market has increased by more than 10.5% since November 27, 2022, this increase is largely due to investors looking at Bitcoin as a safe haven following the FTX crisis and increased regulatory oversight of crypto assets in the United States.

While Bitcoin dominance has increased significantly over the past eight months, Ether's market dominance has remained stable for about 20% over the past year. Currently, the combined value of Bitcoin and Ether now accounts for about 70% of the entire crypto market.

MicroStrategy co-founder and Bitcoin supporter Michael Saylor believes that the dominance of the Bitcoin market will reach more than 80% in the coming years, as increased regulatory pressures from the Securities and Exchange Commission lead to stablecoins and most other crypto assets "vanishing".

"All of these industries will consolidate into Bitcoin-focused industries, with possibly half a dozen to about twelve other Proof of Work tokens," Saylor said.

Saylor also blamed the lack of "institutional mega money" that entered the crypto space on "confusion and anxiety" caused by 25,000 other cryptocurrencies claiming to be an alternative to Bitcoin.

Bitcoin is currently trading for $26,746, an increase of 1.5% in the last 24 hours, according to data from Cointelegraph Price Index. The value of Bitcoin has grown by more than 3% in the past week despite the "frightening" in the crypto market hitting its highest point in the past three months.

Crypto research company Santiment also showed that Blackrock's submission for Bitcoin spot ETF has been one of the main drivers of rising Bitcoin prices in recent days.