Bitcoin's tickers are down $26,743. Bitcoin's dominance, which measures the proportion of the entire crypto market value made up of Bitcoin, has surpassed 50%.
According to TradingView statistics, Bitcoin dominance peaked at just over 50% on June 19 at 6 p.m. UTC and fell to 49.9% at the time of publishing. This indicates that the price of Bitcoin alone accounts for half of the cryptocurrency's overall market capitalization of $1.1 trillion. According to Coingecko statistics, the current market valuation of Bitcoin is $619 billion.
While Bitcoin's supremacy has grown significantly over the past eight months, Ether's (ETH) tickers are down $1,724. Market dominance for Ether has remained stable at around 20% for most of the year. The combined value of Bitcoin and Ether currently represents nearly 70% of the entire cryptocurrency market.
Michael Saylor, co-founder of MicroStrategy and a prominent Bitcoin supporter, expects Bitcoin's market dominance to exceed 80% in the coming years due to increased regulatory pressure from the Securities and Exchange Commission, which may lead stablecoins and other crypto assets to "go away."
Furthermore, Saylor attributes the lack of significant institutional investment in the crypto market to the "confusion and anxiety" caused by the presence of 25,000 other cryptocurrencies positioning themselves as substitutes for Bitcoin. He emphasizes that Bitcoin is universally recognized as the digital commodity in the industry, being the only cryptocurrency designated as a commodity by SEC Chair Gary Gensler. The SEC has classified 68 cryptocurrencies as securities.
According to the Cointelegraph Price Index, Bitcoin is currently trading at $26,746, representing a 1.5% increase in the past 24 hours. Despite the "fear" in the crypto market reaching a three-month high, the value of Bitcoin has risen by over.
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