After November of last year, Bitcoin gained a 10%+ increment in its dominance in the crypto market.
Bitcoin is a top-ranked crypto asset & probably doesn’t require any kind of introduction. The current age of the Bitcoin blockchain network is 14+ & also the best choice for people to invest their money over Gold & Silver is Bitcoin.
At the time of writing this article, the dominance of Bitcoin (BTC) in the crypto sector is 50.05%, which means Bitcoin alone accounts for half of crypto’s total 1.1 trillion dollar market capitalization.
The main reason behind the increment in Bitcoin dominance is regulatory uncertainty in the US. Perhaps few people claimed that the surge in Bitcoin dominance credit goes to BlackRock’s Bitcoin ETFs product plan.
Regulatory Uncertainty in the US
In the present time, the majority of countries are trying to bring clarity to this innovative sector, while the US regulatory bodies are blindly initiating enforcement actions against crypto firms.
This year, the United States Securities Exchange Commission (SEC) sued more than half a dozen crypto firms, which were highly regulated. Through the suits, the SEC body claimed that the majority of the crypto assets trading on the crypto firms are security crypto tokens.
Under this situation, the majority of the crypto tokens are under high legal pressure, as their use case will plunge if they will become security tokens under US laws officially.
In this situation, people have only limited numbers of crypto assets to invest money in e.g Bitcoin, Ethereum, Dogecoin, etc.
Recently former Microstrategy CEO Michael Saylor also noted that the SEC’s enforcement actions against the crypto firms will bring a better opportunity for Bitcoin, and also happened the same.
Regulatory clarity is going to drive #Bitcoin adoption by eliminating the confusion & anxiety that has been holding back institutional investors. Bitcoin dominance will continue to grow as the #Crypto industry rationalizes around $BTC and goes mainstream. pic.twitter.com/Foq4lpderj
— Michael Saylor
(@saylor) June 13, 2023
(@saylor)
Bitcoin Price Action
The current trade price of Bitcoin is $26,926 & this current trade price is 3.65% high over the last 7 days of trade price.
Read also: Nigerian watchdog declares “Binance Nigeria” illegal crypto platform
Bitcoin dominance surpasses 50%+
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