Benzinga - Bitcoin (CRYPTO: BTC) solidified its position as the king of cryptocurrencies, with its dominance in the total market capitalization of cryptocurrencies surpassing 51%.
This indicates Bitcoin's market value constitutes over half of the entire $1.1 trillion cryptocurrency market.
As per Coingecko's data, Bitcoin’s market capitalization stands robustly at $586.7 billion.
Impressive Six-Month Hike: In a span of six months, Bitcoin has seen its value surge by an impressive 74%.
The BTC dominance index portrays a positive outlook, suggesting the possibility of further increments. The short-term outlook of Bitcoin also appears to be upbeat.
Bitcoin, The Safe Haven: Since Nov. 27, 2022, Bitcoin's market dominance has escalated by over 10.5%.
The dramatic rise is attributed largely to investors considering Bitcoin as a safer alternative in light of recent upheavals such as the FTX (CRYPTO: FTT) crisis and increased regulatory scrutiny of cryptocurrencies in the U.S.
Also Read: FTX Paying More Legal Fees Than The GDP Of A Small Island
The shift in preference from riskier altcoins to Bitcoin is often observed at the commencement of a new market cycle or a bullish run.
Investors Buying The Dip: With global macroeconomic uncertainties and an unpredictable regulatory environment for cryptocurrencies in the U.S., it is plausible that long-term investors are capitalizing on the situation by purchasing Bitcoin at lower prices.
Michael Saylor’s Bullish Outlook: MicroStrategy Inc (NASDAQ: MSTR) co-founder Michael Saylor, a renowned Bitcoin proponent, confidently asserts Bitcoin's market dominance is poised to reach an astounding 80% in the coming years.
He attributes this prediction to the anticipated increase in regulatory pressures from the U.S. Securities and Exchange Commission, which he believes will lead to the dwindling or even disappearance of stablecoins and a majority of other cryptocurrencies.
Saylor further emphasized Bitcoin's unique status, stating, “Bitcoin is the universally, globally-acknowledged digital commodity in this industry.”
His statement resonates with SEC Chair Gary Gensler’s classification of Bitcoin as a commodity.
It's worth noting that the SEC has classified 68 cryptocurrencies as securities to date.
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