As regulators were cracking down on cryptocurrency exchanges and projects, it was, on the other hand, watering the land for Bitcoin. This is probably because people's eyes were opened to the fact that Bitcoin is the only cryptocurrency that regulators cannot attack. As such, those who cut their loss from all the coins labeled security opted for Bitcoin investment. Joined with Blackrock’s spot ETF filing, Bitcoin has now become the dominant cryptocurrency asset.
According to data from TradingView, On June 19 at 6 pm UTC, Bitcoin dominance hit just above 50% in two years. The last time Bitcoin dominance went this high was in 2021. This means that out of the 1.1 B Market initialization of the cryptocurrency industry, Bitcoin has 50% of it. Surely this means that Bitcoin has not only gained new investors but that it has cemented itself as the store of value as it is called. The next Bitcoin bull might be massive because of the current dominance and the market capitalization of Bitcoin which is around 519 Billion.
If Blackrock's ETF filling is approved, there is going to be an increase in Bitcoin Market capitalization due to new investors. Of course, an increase in market capitalization will certainly come with an increase in the price of Bitcoin.
It is a matter of time before we see Bitcoin accepted by most countries and those who have been part of Bitcoin now will have a reason to smile.
Posted here as well