Bitcoin reaches 50% market dominance for first time in 2 years
Blackrock’s spot ETF filing and the Securities and Exchange Commission's crackdown on crypto are driving investors toward Bitcoin. Bitcoin (BTC) dominance , the measure of how much Bitcoin makes up of the total crypto market cap, has b reach ed the 50% mark. On June 19 at 6 pm UTC, Bitcoin dominance hit just above 50% and has since settled to 49.9% at the time of publication, according to data from TradingView. This means that Bitcoin alone accounts for half of crypto’s total $1.1 trillion dollar market capitalization. Bitcoin’s current market capitalization stands at $519 billion, according to data from Coingecko. Notably, Bitcoin’s market dominance has surged by more than 10.5% since Nov. 27, 2022, an increase driven in large part by investors looking to the flagship crypto asset as a safe haven in the wake of the FTX crisis and amid mounting regulatory scrutiny of crypto assets in the United States. Bitcoin market dominance over the last 4 days. Source: TradingView. While Bi...