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Bitcoin's grip on the $1.1 trillion cryptocurrency market has grown even stronger, with its market share reaching an impressive 49.9%, totaling a share of $519 billion as of June 19, according to data from TradingView and Coingecko.
This significant rise in Bitcoin's dominance, a surge of over 10.5% since November 2022, is largely attributed to investors seeking a safe harbor in Bitcoin following the FTX crisis and heightened scrutiny of digital assets by U.S. regulators.
While Bitcoin reigns supreme, Ether's market share has remained relatively stable, hovering around 20% throughout the year. Together, Bitcoin and Ether account for approximately 70% of the total crypto market's value.
Renowned Bitcoin advocate Michael Saylor, co-founder of MicroStrategy, predicts that Bitcoin's dominance will continue to climb, potentially reaching 80% in the coming years. He suggests that increasing regulatory intervention from the Securities and Exchange Commission will push stablecoins and most other digital assets to retreat. Saylor also highlights the overwhelming number of alternative cryptocurrencies, approximately 25,000, as a barrier to significant institutional investment in the sector, causing anxiety and confusion among investors.
While fears in the crypto market reached a three-month peak, with Bitcoin trading at $26,751 and showing a 1.5% increase over the last day, the value of Bitcoin managed to escalate by over 3% during the week.
The application by investment giant Blackrock for a Bitcoin spot ETF has been identified by crypto research firm Santiment as a key factor driving Bitcoin's upward price trajectory in recent days. In a world filled with digital currency alternatives, Bitcoin's reign remains unchallenged and stronger than ever.
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