Bitcoin now accounts for half of the total crypto market cap – crossing 50% dominance for the first time since April 2021.
The chart below shows Bitcoin dominance finding a local bottom at 39.9% around November 2021 – when FTX, and its native FTT token, collapsed, triggering narratives around worthless altcoins and Ponzinomics.
Since then, BTC.D has been trending upwards, jumping to 47.7% from 43.5% in mid-March, as banking weakness flipped investor sentiment toward ‘hard assets.’
Another sharp uptick occurred in early June, moving from 47.4% to close the first week of the month at 49.1%, as U.S. regulatory enforcement actions intensified.
Source: BTC.D on TradingView.com
Bitcoin holds steady
As reported by CryptoSlate on June 12, the Securities Exchange Commission (SEC) enforcement actions against Binance and Coinbase coincided with another uptick in Bitcoin dominance.
In separate filings, the SEC alleged that both exchanges had violated securities laws, including operating as
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