Blackrock's spot ETF filing and the U.S
Blackrock's spot ETF filing and the U.S. Securities and Exchange Commission's attack on Cryptocurrency are driving investors to turn to Bitcoin.
According to the latest data, the market dominance of Bitcoin (BTC) has exceeded the important threshold of 50%. As of 6pm UTC on June 19th, Bitcoin's dominant position was slightly over 50% and remained at around 49.9%.
This breakthrough means that Bitcoin accounts for half of the total market value of Cryptocurrency, reaching about $11 trillion. According to Coinsecko's data, Bitcoin's current market value is $519 billion.
It should be noted that since November 27, 2022, Bitcoin's market dominance has skyrocketed by over 10.5%. This growth is mainly due to investors using Bitcoin as a safe haven asset, especially in the post FTX crisis and increasingly stringent regulatory scrutiny. Although Bitcoin's dominance has increased significantly in the past eight months, Ethereum's market dominance has remained stable at around 20% for most of the year. At present, the total market value of Bitcoin and Ethereum accounts for about 70% of the entire encryption market.
Michael Seiler, a staunch supporter of the Bitcoin bull market and co founder of MicroStrategy, predicts that Bitcoin's market dominance will exceed 80% in the coming years. He believes that the regulatory pressure from the U.S. Securities and Exchange Commission will lead to the "disappearance" of Stablecoin and most other crypto assets, which will rationalize the entire industry and focus on Bitcoin. There may be several other Proof of work tokens.
In addition, Saler blamed the lack of "large institutional funds" entering the encryption field on the "chaos and anxiety" brought by other 25000 Cryptocurrency that claimed to be alternatives to Bitcoin. He added that Bitcoin was widely recognized as a global digital commodity in the industry, and acknowledged that Gary Kinsler, Chairman of the SEC, regarded Bitcoin as the only Cryptocurrency marked as a commodity. The SEC recently announced that a total of 68 Cryptocurrency were recognized as securities.
According to the Cointelgraph price index, Bitcoin is currently trading at $26746, up 1.5% in the past 24 hours. Although the "fear" sentiment in the Cryptocurrency market reached its highest level in three months, the value of Bitcoin still increased by more than 3% last week.
Santiment, a Cryptocurrency research company, pointed out that BlackRock, an investment giant, applied for spot ETF of Bitcoin, which was one of the main driving forces for the rise of Bitcoin prices in the past few days.
Overall, the breakthrough in Bitcoin's dominant market position and stable growth demonstrate investors' confidence and recognition compared to Bitcoin. In the next few years, Bitcoin is expected to further strengthen its dominant position in the Cryptocurrency market and become the core of the industry.
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