Bitcoin reaches 50% market dominance

Bitcoin’s dominance, which measures its share of the total cryptocurrency market capitalization, has exceeded 50%. On June 19 at 6 pm UTC, it briefly crossed the 50% mark and settled at 49.9% at the time of publication, according to TradingView data. This means that Bitcoin alone accounts for half of the cryptocurrency market’s $1.1 trillion total capitalization.

Currently, Bitcoin’s market capitalization stands at $519 billion, as reported by Coingecko. Since November 27, 2022, Bitcoin’s market dominance has increased by more than 10.5%, driven by investor interest in the flagship cryptocurrency as a safe haven amid the FTX crisis and heightened regulatory scrutiny of crypto assets in the United States.

Related: Price of Bitcoin: 6 main factors influence the BTC price

Over the past eight months, Bitcoin dominance has experienced a notable surge, while Ether’s market dominance has remained relatively stable around 20% for the majority of the year. At present, the combined value of Bitcoin and Ether constitutes approximately 70% of the total cryptocurrency market.

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