{"id":540221,"date":"2023-06-29T01:00:05","date_gmt":"2023-06-29T01:00:05","guid":{"rendered":"https:\/\/wncen.com\/?p=540221"},"modified":"2024-06-11T08:12:17","modified_gmt":"2024-06-11T08:12:17","slug":"bitcoin-takes-the-crown-market-cap-dominance-soars-above-58-highest-level-since-2021","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-takes-the-crown-market-cap-dominance-soars-above-58-highest-level-since-2021\/","title":{"rendered":"Bitcoin Takes The Crown: Market Cap Dominance Soars Above 58%, Highest Level Since 2021"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin (BTC) has again taken center stage in the cryptocurrency market as institutional interest surges. This interest has been spurred by major financial giants such as BlackRock, Fidelity, and Ark Invest, who have applied with the U.S. Securities and Exchange Commission (SEC) to launch a spot Bitcoin Exchange Traded Fund (ETF).\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/coinmetrics.substack.com\/p\/state-of-the-network-issue-213\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">According <\/span><\/a><span style=\"font-weight: 400\">to Coin Metrics, BTC&#8217;s market capitalization dominance has reached a new high for 2023, currently at 58%, the highest since April 2021.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin Rules The Crypto Kingdom<\/span><\/h2>\n<p>BTC has been the leading digital asset and has maintained its position as the top cryptocurrency for a long time. Its market cap of $586 billion is significantly higher than the industry&#8217;s combined market cap, which stands at $425 billion (excluding stablecoins).<\/p>\n<figure id=\"attachment_540224\" aria-describedby=\"caption-attachment-540224\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-540224\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/1051ed1c-34e3-4f2e-af33-9e6532cf263e_885x530.png?resize=860%2C515\" alt=\"Bitcoin \" width=\"860\" height=\"515\"><figcaption id=\"caption-attachment-540224\" class=\"wp-caption-text\">BTC&#8217;s market cap dominance reaches a 2-year high. Source:<a href=\"https:\/\/coinmetrics.substack.com\/p\/state-of-the-network-issue-213\" target=\"_blank\" rel=\"noopener nofollow\"> Coin Metrics.<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">According to Coin Metrics &#8216; report, BTC&#8217;s dominance fell in the spring of 2021 as traders bid up smaller-cap altcoins, but it never dropped below 40% of the total market.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, with some newer tokens facing intensified regulatory scrutiny in the US, BTC has pulled ahead in 2023. BTC\u2019s weighting in the CMBI 10, index of the 10 largest cryptocurrencies by market capitalization, is also at a 2-year high of 65%.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/michael-saylor-doubles-down-on-bitcoin-adds-12333-btc-to-microstrategys-holdings\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Michael Saylor Doubles Down On Bitcoin, Adds 12,333 BTC To MicroStrategy\u2019s Holdings<\/a><\/div>\n<p><span style=\"font-weight: 400\">Looking at a broader basket of assets, BTC&#8217;s 85% return year-to-date outpaces most of the other major digital assets. Per the report, the only two assets with a greater return year-to-date compared to BTC are Bitcoin Cash (BCH) at 102% and Lido (LDO) at 104%.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">BTC Dominance Rallying Trend Ahead?<\/span><\/h3>\n<p><span style=\"font-weight: 400\">On the other hand, crypto analyst Michael Van de Poppe recently shared some <\/span><a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/20539909?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">insights <\/span><\/a><span style=\"font-weight: 400\">regarding the Bitcoin dominance chart. According to Van de Poppe, &#8220;the chart looks like it wants to continue rallying,&#8221; but there are some key points to remember.<\/span><\/p>\n<figure id=\"attachment_540223\" aria-describedby=\"caption-attachment-540223\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-540223\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/FztVzYTWIAAEa7H.png?resize=860%2C411\" alt=\"Bitcoin \" width=\"860\" height=\"411\"><figcaption id=\"caption-attachment-540223\" class=\"wp-caption-text\">BTC dominance chart. Source: <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/20539909?s=20\" target=\"_blank\" rel=\"noopener nofollow\">Michael Van de Poppe on Twitter.<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">One of the most important takeaways is that in September 2019, BTC tested the 200-week moving average (MA) and exponential moving average (EMA) and encountered resistance. This was 10 months before the Bitcoin halving event in May 2020.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Van de Poppe notes that the current situation is similar to September 2019. BTC is once again testing the 200-week MA and EMA, and whether it can break through this resistance level remains to be seen.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This could be a positive sign for Bitcoin investors, as the halving event was followed by a period of strong price growth for BTC.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/altcoin\/radix-down-by-11-in-a-day-as-altcoin-market-slows-down\/\" target=\"_blank\" rel=\"noopener \">Radix (XRD) Down By 11% In A Single Day, As Altcoin Market Slows Down<\/a><\/div>\n<p><span style=\"font-weight: 400\">Overall, while there are some potential challenges for BTC to overcome in the short term, Van de Poppe&#8217;s analysis suggests that the long-term outlook for Bitcoin remains positive.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As of now, Bitcoin trades at $30,100, and it continues to experience a decline in value, representing a 2% drop over the past 24 hours. Additionally, its market dominance, which considers all other cryptocurrencies in the ecosystem, currently stands at 52%. There is a significant contrast between its current dominance and the 72% it achieved in 2021.<\/span><\/p>\n<figure style=\"width: 1814px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/KktYIhHG\/\" alt=\"Bitcoin \" width=\"1814\" height=\"858\"><figcaption class=\"wp-caption-text\">BTC&#8217;s downtrend continues on the 1-day chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Featured image from Unsplash, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) has again taken center stage in the cryptocurrency market as institutional interest surges. This interest has been spurred by major financial giants such as BlackRock, Fidelity, and Ark Invest, who have applied with the U.S. Securities and Exchange Commission (SEC) to launch a spot Bitcoin Exchange Traded Fund (ETF).\u00a0 According to Coin Metrics, BTC&#8217;s market capitalization dominance has reached a new high for 2023, currently at 58%, the highest since April 2021. Bitcoin Rules The Crypto Kingdom BTC has been the leading digital asset and has maintained its position as the top cryptocurrency for a long time. Its market cap of $586 billion is significantly higher than the industry&#8217;s combined market cap, which stands at $425 billion (excluding stablecoins). According to Coin Metrics &#8216; report, BTC&#8217;s dominance fell in the spring of 2021 as traders bid up smaller-cap altcoins, but it never dropped below 40% of the total market. However, with some newer tokens facing intensified regulatory scrutiny in the US, BTC has pulled ahead in 2023. BTC\u2019s weighting in the CMBI 10, index of the 10 largest cryptocurrencies by market capitalization, is also at a 2-year high of 65%. Related Reading: Michael Saylor Doubles Down On Bitcoin, Adds 12,333 BTC To MicroStrategy\u2019s Holdings Looking at a broader basket of assets, BTC&#8217;s 85% return year-to-date outpaces most of the other major digital assets. Per the report, the only two assets with a greater return year-to-date compared to BTC are Bitcoin Cash (BCH) at 102% and Lido (LDO) at 104%. BTC Dominance Rallying Trend Ahead? On the other hand, crypto analyst Michael Van de Poppe recently shared some insights regarding the Bitcoin dominance chart. According to Van de Poppe, &#8220;the chart looks like it wants to continue rallying,&#8221; but there are some key points to remember. One of the most important takeaways is that in September 2019, BTC tested the 200-week moving average (MA) and exponential moving average (EMA) and encountered resistance. This was 10 months before the Bitcoin halving event in May 2020. Van de Poppe notes that the current situation is similar to September 2019. BTC is once again testing the 200-week MA and EMA, and whether it can break through this resistance level remains to be seen. This could be a positive sign for Bitcoin investors, as the halving event was followed by a period of strong price growth for BTC. Related Reading: Radix (XRD) Down By 11% In A Single Day, As Altcoin Market Slows Down Overall, while there are some potential challenges for BTC to overcome in the short term, Van de Poppe&#8217;s analysis suggests that the long-term outlook for Bitcoin remains positive. As of now, Bitcoin trades at $30,100, and it continues to experience a decline in value, representing a 2% drop over the past 24 hours. Additionally, its market dominance, which considers all other cryptocurrencies in the ecosystem, currently stands at 52%. There is a significant contrast between its current dominance and the 72% it achieved in 2021. Featured image from Unsplash, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":540222,"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":[428,13510,656,78790,6664],"class_list":["post-540221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-dominance","tag-bitcoin-news","tag-btcusdt","tag-crypto"],"acf":[],"yoast_head":"\n<title>Bitcoin Takes The Crown: Market Cap Dominance Soars Above 58%, Highest Level Since 2021<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) has once again taken center stage in the cryptocurrency market as institutional interest surges back.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. 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