{"id":538251,"date":"2023-06-16T13:32:42","date_gmt":"2023-06-16T13:32:42","guid":{"rendered":"https:\/\/wncen.com\/?p=538251"},"modified":"2024-06-11T08:08:34","modified_gmt":"2024-06-11T08:08:34","slug":"bitcoin-market-dominance-peaks-in-nearly-two-years","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-market-dominance-peaks-in-nearly-two-years\/","title":{"rendered":"Bitcoin Market Dominance Touches Two-Year Peak, Here’s Why"},"content":{"rendered":"

Amid the ongoing crypto regulatory uncertainty, Bitcoin’s market dominance has surged to its highest level since July 2021, suggesting a shift in the sentiments of traders and investors towards the world’s pioneer and most substantial cryptocurrency, Bitcoin.<\/span><\/p>\n

This milestone highlights the current volatility of the crypto market as it continues to grapple with regulatory uncertainty and the various factors that impact Bitcoin’s value.<\/span><\/p>\n

The Resurgence Of Bitcoin Dominance<\/span><\/h2>\n

The latest data<\/a> from TradingView reveals that Bitcoin dominance, defined as Bitcoin’s share of the total cryptocurrency market capitalization, has hit a high of 49.5%. This level has not been recorded since July 2021 when Bitcoin’s dominance touched a peak of over 48%.<\/p>\n

\"Bitcoin
Bitcoin (BTC) market dominance on TradingView.com<\/a><\/figcaption><\/figure>\n

It is worth noting that earlier this year in April, Bitcoin’s dominance momentarily reached 48.83%, after which it fluctuated within a specific range.<\/span><\/p>\n

Related Reading: BlackRock Inches Closer To Launching Bitcoin ETF: Potential Impact On BTC Price<\/a><\/div>\n

However, the past week saw a notable increase in Bitcoin’s market dominance, correlating with the time when the US Securities and Exchange Commission (SEC) categorized numerous tokens as unregistered securities in its lawsuits against the world’s largest crypto exchanges – Binance and Coinbase. <\/span><\/p>\n

Consequently, many of these tokens<\/a> such as Cardano (ADA), Solana (SOL), and Binance Coin (BNB) have experienced significant price drops, while Bitcoin’s value has remained comparatively stable<\/a>.<\/span><\/p>\n

Market Influences And The Upcoming BTC Halving<\/span><\/h2>\n

The regulatory actions by the SEC underscore an environment of uncertainty that has had noticeable effects on the crypto market. Amid this backdrop, Bitcoin emerges as a sort of safe haven<\/a>. <\/span><\/p>\n

Micheal Saylor, a prominent Bitcoin advocate, echoed<\/a> these sentiments in a recent interview with Bloomberg, predicting that: “the entire industry is kind of destined to be rationalized down to Bitcoin and a half a dozen to a dozen other proof-of-work tokens.”<\/span><\/p>\n

Furthermore, anticipation around the upcoming Bitcoin<\/a> halving event, slated for April or May 2024, could be a contributing factor to Bitcoin’s increasing dominance. <\/span><\/p>\n

This quadrennial event reduces the reward for mining new Bitcoin blocks by half, effectively slowing the rate at which new Bitcoins are created to manage inflation and maintain their scarcity. The impending halving will result in a block reward decrease from 6.25 bitcoins to 3.125 bitcoins.<\/span><\/p>\n

Related Reading: Bitcoin Price On Shaky Ground: Market Analysts Warn Of Potential Fall To $20,000 Level<\/a><\/div>\n

Notably, BTC has been in a downward trend in the past week. The largest crypto asset by market capitalization has recorded a bearish movement falling by nearly 5% in the past 7 days. However, over the past 24 hours, BTC has picked up an uptrend, seeing a 2.3% gain in its value.<\/span><\/p>\n

\"Bitcoin
Bitcoin (BTC)\u2019s price moving sideways on the 4-hour chart. Source: BTC\/USD on TradingView.com<\/a><\/figcaption><\/figure>\n

Bitcoin currently has a market price<\/a> of $25,515, at the time of writing after initially trading below that price range earlier this week. Meanwhile, Bitcoin\u2019s trading volume has plunged over the past 24 hours from over $15 billion on Thursday to $7.7 billion at the time of writing indicating less trading activity.<\/span><\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Amid the ongoing crypto regulatory uncertainty, Bitcoin’s market dominance has surged to its highest level since July 2021, suggesting a shift in the sentiments of traders and investors towards the world’s pioneer and most substantial cryptocurrency, Bitcoin. This milestone highlights the current volatility of the crypto market as it continues to grapple with regulatory uncertainty and the various factors that impact Bitcoin’s value. The Resurgence Of Bitcoin Dominance The latest data from TradingView reveals that Bitcoin dominance, defined as Bitcoin’s share of the total cryptocurrency market capitalization, has hit a high of 49.5%. This level has not been recorded since July 2021 when Bitcoin’s dominance touched a peak of over 48%. It is worth noting that earlier this year in April, Bitcoin’s dominance momentarily reached 48.83%, after which it fluctuated within a specific range. Related Reading: BlackRock Inches Closer To Launching Bitcoin ETF: Potential Impact On BTC Price However, the past week saw a notable increase in Bitcoin’s market dominance, correlating with the time when the US Securities and Exchange Commission (SEC) categorized numerous tokens as unregistered securities in its lawsuits against the world’s largest crypto exchanges – Binance and Coinbase. Consequently, many of these tokens such as Cardano (ADA), Solana (SOL), and Binance Coin (BNB) have experienced significant price drops, while Bitcoin’s value has remained comparatively stable. Market Influences And The Upcoming BTC Halving The regulatory actions by the SEC underscore an environment of uncertainty that has had noticeable effects on the crypto market. Amid this backdrop, Bitcoin emerges as a sort of safe haven. Micheal Saylor, a prominent Bitcoin advocate, echoed these sentiments in a recent interview with Bloomberg, predicting that: “the entire industry is kind of destined to be rationalized down to Bitcoin and a half a dozen to a dozen other proof-of-work tokens.” Furthermore, anticipation around the upcoming Bitcoin halving event, slated for April or May 2024, could be a contributing factor to Bitcoin’s increasing dominance. This quadrennial event reduces the reward for mining new Bitcoin blocks by half, effectively slowing the rate at which new Bitcoins are created to manage inflation and maintain their scarcity. The impending halving will result in a block reward decrease from 6.25 bitcoins to 3.125 bitcoins. Related Reading: Bitcoin Price On Shaky Ground: Market Analysts Warn Of Potential Fall To $20,000 Level Notably, BTC has been in a downward trend in the past week. The largest crypto asset by market capitalization has recorded a bearish movement falling by nearly 5% in the past 7 days. However, over the past 24 hours, BTC has picked up an uptrend, seeing a 2.3% gain in its value. Bitcoin currently has a market price of $25,515, at the time of writing after initially trading below that price range earlier this week. Meanwhile, Bitcoin\u2019s trading volume has plunged over the past 24 hours from over $15 billion on Thursday to $7.7 billion at the time of writing indicating less trading activity. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":515753,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,6664],"class_list":["post-538251","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin Market Dominance Peaks In Nearly Two Years, Here's Why<\/title>\n<meta name=\"description\" content=\"Amid the ongoing crypto regulatory uncertainty, Bitcoin market prominence has surged to its highest level since July 2021, suggesting a...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Market Dominance Touches Two-Year Peak, Here’s Why","url":"http:\/\/wncen.com\/news\/bitcoin-market-dominance-peaks-in-nearly-two-years\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-market-dominance-peaks-in-nearly-two-years\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Bitcoin.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Bitcoin.jpg?fit=2048%2C1256"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","crypto"],"dateCreated":"2023-06-16T13:32:42Z","datePublished":"2023-06-16T13:32:42Z","dateModified":"2024-06-11T08:08:34Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Market Dominance Touches Two-Year Peak, Here’s Why\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-market-dominance-peaks-in-nearly-two-years\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-market-dominance-peaks-in-nearly-two-years\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Bitcoin.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Bitcoin.jpg?fit=2048%2C1256\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"crypto\"],\"dateCreated\":\"2023-06-16T13:32:42Z\",\"datePublished\":\"2023-06-16T13:32:42Z\",\"dateModified\":\"2024-06-11T08:08:34Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Bitcoin.jpg?fit=2048%2C1256","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/538251"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=538251"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/538251\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/515753"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=538251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=538251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=538251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}