Bitcoin’s market dominance hits 50% for the first time in 2 years.

The measure of how much Bitcoin constitutes of the total crypto market cap, known as Bitcoin (BTC) dominance, has surpassed the 50% mark.

TradingView’s data shows that Bitcoin dominance exceeded 50% on June 19 at 6 pm UTC and has since leveled off to 49.9% at the time of publication.

As a result, Bitcoin alone represents half of the crypto market’s total $1.1 trillion dollar market capitalization. Coingecko’s data indicates that Bitcoin’s current market capitalization is $519 billion.

Bitcoin’s market dominance has increased by over 10.5% since November 27, 2022, as investors consider it a secure haven in the aftermath of the FTX crisis and the rising regulatory scrutiny of crypto assets in the United States.

While Bitcoin dominance has risen considerably in the last eight months, Ether’s (ETH) market dominance has remained steady at around 20% for the majority of the year. Currently, the combined value of Bitcoin and Ether accounts for approximately 70% of the entire crypto market.

Michael Saylor, MicroStrategy co-founder and prominent Bitcoin supporter, believes that Bitcoin’s market dominance will surpass 80% in the coming years due to increasing regulatory pressure from the Securities and Exchange Commission, causing stablecoins and the majority of other crypto assets to “go away.”

Regulatory clarity is going to drive #Bitcoin adoption by eliminating the confusion & anxiety that has been holding back institutional investors. Bitcoin dominance will continue to grow as the #Crypto industry rationalizes around $BTC and goes mainstream.

— Michael Saylor⚡️ (@saylor) June 13, 2023

“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 also attributed the lack of “mega institutional money” entering the crypto space to the “confusion and anxiety” created by the 25,000 other cryptocurrencies that have positioned themselves as alternatives to Bitcoin.

Related: Why Cathie Wood is bullish on Coinbase stock and believes Bitcoin will reach $1 million

“Bitcoin is the universally, globally-acknowledged digital commodity in this industry,” Saylor added, acknowledging that Bitcoin is the only cryptocurrency SEC Chair Gary Gensler has classified as a commodity. The SEC has now classified a total of 68 cryptocurrencies as securities.

According to the Cointelegraph Price Index, Bitcoin is currently trading at $26,746, a 1.5% increase in the last 24 hours. Despite “fear” in the crypto market reaching its highest point in three months, Bitcoin’s value has risen over 3% in the last week.

Crypto research firm Santiment also cites investment giant Blackrock’s application for a Bitcoin spot ETF as one of the major drivers of Bitcoin’s recent price surge.

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