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BULL MARKET: In 2023, Bitcoin has increased by over 100%, and for the first time in two years, market dominance has crossed 50%.

According to CoinGecko data, which covers more than 90% of the cryptocurrency market capitalization, Bitcoin has risen by over 100%, making it one of the best performing assets to date. This rise came despite a challenging 2023.

Because of this, institutions and investors alike have gravitated to Bitcoin as a store of value and a hedge against inflation and economic risks. This remarkable expansion has been driven by its growing acceptance and acknowledgment as a valid asset class; also, its market dominance is approaching the halfway point.

Data from Trading View indicates that Bitcoin dominance—a measure of the percentage of the entire market value of cryptocurrencies attributable to Bitcoin—has crossed the 50% mark.

This shows that of the approximately $1.4 trillion market valuation of all cryptocurrencies, half may be attributed to Bitcoin. As of this writing, the market valuation of Bitcoin is expected to be more over $700 billion, based on data from CoinGecko.

Since November 2022, the market share of Bitcoin has increased by more than 10.5%. This surge can be mostly ascribed to investors looking to Bitcoin as a safe haven, particularly in the wake of the FTX crisis and given the growing regulatory attention that cryptocurrency assets are receiving in the US.

Ether, another cryptocurrency, is showing signs of strength after a noteworthy ~60% growth this year. The sustained interest in decentralized apps (DApps) and the Ethereum ecosystem is demonstrated by this increase.

The Ethereum blockchain’s continued relevance is largely due to developers and entrepreneurs using it to create creative solutions. For the most part of the last year, ether’s market dominance has stayed comparatively constant at 20%.

Currently, Bitcoin and Ether’s combined value makes up over 70% of the entire cryptocurrency market.

Michael Saylor, a well-known supporter of Bitcoin and co-founder of MicroStrategy, predicts that the Securities and Exchange Commission (SEC) will increase its regulatory pressure, leading to the demise of stablecoins and most other cryptocurrencies and propelling Bitcoin to an overwhelming 80% market share.

“The entire market is going to be commoditized into a Bitcoin-only market with maybe six or seven other Proof of Work tokens.”

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