Bitcoin Market Dominance Exceeds 50%, Setting New Record

• The current price of BTC stands at $26,940.39.
• Bitcoin currently holds a market capitalization of $522 billion.

According to data from TradingView, Bitcoin dominance, which indicates the percentage of Bitcoin’s market capitalization relative to the total cryptocurrency market, has surpassed the 50% threshold. Based on the information provided by CoinMarketCap, BTC currently holds a market capitalization of $522 billion.

Over the past eight months, Bitcoin dominance has experienced a notable surge, while Ether’s market dominance has remained relatively stable at around 20% for almost a year. As of now, the combined market value of BTC and Ether constitutes approximately 70% of the total cryptocurrency market.

During a recent statement, Michael Saylor, predicted that BTC dominance will surpass 80% in the wake of increased regulatory actions against other digital assets. Saylor highlighted Bitcoin’s universal recognition as the industry’s digital commodity, while the SEC designates 68 cryptocurrencies as securities. Additionally he attributed the absence of significant institutional investment in the crypto space to the presence of numerous alternative cryptocurrencies causing confusion and anxiety.

Concerning CoinMarketCap, the current price of BTC stands at $26,940.39, and its 24-hour trading volume amounts to $14,223,914,664. Over the past 24 hours, BTC has recorded a 2% increase.

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