For the first time since April 2021, Bitcoin (BTC) dominance has crossed the 50% mark, which indicates that Bitcoin makes up more than half of the world’s entire cryptocurrency market capitalization.

Data from TradingView revealed that BTC alone accounts for the half of the total crypto market capitalization of $1.1 trillion, with Bitcoin current market capitalization standing at $519 million at the time of writing.

Since November 27th, 2022, Bitcoin market dominance has soared over 10% as investors and traders sought shelter in the world’s most popular digital asset following the FTX crisis which rattled global cryptocurrency markets. Amid recent mounting regulatory scrutiny on crypto assets by the Untied States, Bitcoin market capitalization continues to grow ant a considerable pace.

According to MicroStrategy co-founder Michael Saylor, Bitcoin market dominance will surpass 80% in the coming years, mainly attributed to increased regulatory pressure from the United States Securities and Exchange Commission (SEC) which he expects to cause stablecoins and the majority of altcoins to “go away”:

“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.”

Sources:

https://decrypt.co/145334/bitcoin-reclaims-over-50-market-dominance-following-blackrock-etf-filing

https://crypto.news/bitcoin-market-cap-reclaims-crypto-dominance-with-50-share/

https://cointelegraph.com/news/bitcoin-btc-reach-50-percent-market-dominance

https://coinnounce.com/bitcoin-btc-reaches-50-market-dominance/

https://www.tradingview.com/chart/?symbol=CRYPTOCAP%3ABTC.D