Bitcoin takes half of the cryptocurrency market for the first time in 2 years

The dominance of BTC $56,459.08 Bitcoin -3.08% Market capitalization $1.11 trillion VOL. 24 hours $4.5 billion on the crypto market has reached 50%. The rise is attributed to the SEC’s pressure on altcoins and an application for a spot ETF from BlackRock. The last time the index rose this high was two years ago.

The dominance of BTC means that half of the total capitalization of the crypto market is occupied by one digital asset. According to CoinGecko, out of $ 1.1 trillion, bitcoin accounts for $ 519 billion of capitalization.

It is noteworthy that bitcoin’s market dominance has increased by more than 10.5% since November 27, 2022. This growth is largely due to several factors:

the FTX crisis and crypto investors' choice of BTC as a reliable way to save money;
tightening of US regulatory control — SEC pressure on Solana, Cardano, and other altcoins;
blackRock’s application to create a bitcoin exchange-traded fund (ETF).

Although bitcoin’s dominance has increased significantly over the past 8 months, the dominance of ETH $2,968.85 Ethereum -5.34% Market capitalization $356.85 billion VOL. 24 hours $2.65 billion has been stable at 20% throughout the year. Currently, BTC and ETH control 70% of the entire crypto space.

According to MicroStrategy co-founder Сейлор" href="https://noworries.media/biography/majkl-dzh-sejlor/" data-bio-id="3672">Michael Saylor, bitcoin’s dominance will reach 80% in the coming years. Sailor believes that the SEC’s steps are positive for cryptocurrencies. «With the removal of excess assets, large investors will be willing to invest in bitcoin ,» the analyst emphasized.

Mike Novogratz, CEO of Galaxy Digital, shares a similar opinion. He is convinced that HTS can help people preserve their wealth in a period of inflation, which, according to the billionaire, will continue to grow. Speaking at a summit organized by Bloomberg, Novogratz said that BTC will reach $ 500,000 in the near future.