Ether (ETH) and Bitcoin (BTC) together take up around 70% of all crypto market capitalization.
Bitcoin's (BTC) share in the total cryptocurrency market value has crossed the 50% threshold.
Data from TradingView reveals that Bitcoin's market dominance edged above 50% at 6 pm UTC on June 19th. At the time of writing, the BTC dominance stands at 50.05%. This puts Bitcoin's market capitalization at almost $521 billion, nearly half of the total crypto market cap of $1.1 trillion.
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It is worth noting that the last time Bitcoin dominated half of the crypto market was in April 2021.
Since November 27th, 2022, Bitcoin's dominance has risen by over 10.5%. This growth largely results from investors seeking shelter in Bitcoin following the FTX crisis and increased US scrutiny on crypto assets.
In contrast, Ether's (ETH) market dominance has stayed close to 20% for the past year. Today, Bitcoin and Ether collectively represent about 70% of the total crypto market value.
MicroStrategy co-founder Michael Saylor predicts that Bitcoin's dominance could exceed 80% in the future, as he anticipates stricter SEC regulations causing many cryptocurrencies and stablecoins to disappear.
Michael Saylor further emphasized Bitcoin's status, stating:
Bitcoin is the universally, globally-acknowledged digital commodity in this industry.
It is worth noting that Michael Saylor's MicroStrategy holds 140,000 Bitcoin, acquired at an average cost of around $29,803.
At the time of writing, Bitcoin retails for $26,838, recording a 1.52% increase in the last 24 hours, and growth of around 3% in the past week. According to Santiment, a crypto research firm, Bitcoin's recent price surge is partly due to investment giant BlackRock's application for a Bitcoin spot ETF.
Bitcoin's market dominance has returned to 50% after two years, reflecting its resilient appeal amidst market fluctuations and regulatory challenges.
