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Cryptocurrency enthusiasts witnessed a commanding performance by Bitcoin (BTC) on June 10, 2023, as its market share soared to 47.5%, its peak in the past twelve months, as confirmed by CoinMarketCap. Ethereum (ETH), its nearest rival, maintained a stable dominance at 20%. These increments in dominance are at the expense of other cryptocurrencies.
Saturday’s review of the market indicated Bitcoin’s undisputed standing as the leader, boasting a colossal market worth of $496 billion. This translates to almost 48% of the total market value of $1.04 trillion. Current data, however, illustrates a modest drop of 3.5% over the weekend and 5.8% within the past week. Bitcoin has remained resilient despite these declines, an attribute not shared by other top-ranking cryptocurrencies, particularly those in the top 20, which have faced more significant value deterioration.
Some heavy losses were suffered by the top 20 cryptocurrencies in recent days, with several experiencing a substantial double-digit tumble. Cardano, Tron, Binance Coin, Polygon, Dogecoin, Shiba Inu, and Avalanche took the brunt of this downturn. In contrast, Ethereum, the runner-up, registered a more modest drop of 8.3%. Bitcoin's dominance saw a minor surge to 47.18% on June 5 but is currently higher at 47.5%.
With Bitcoin currently holding the reins of the crypto universe, Ethereum has impressively maintained a 20% share with a market value of $208 billion. Tether (USDT), the widely-used stablecoin, remains resilient, with a market worth of $83.32 billion, making up 8% of the total value.
While Bitcoin has reached impressive heights, it has yet to attain the 50% and 60% milestones it saw in 2019, 2020, and early 2021. The highest it reached was 47.38% on July 31, 2021. Only in May 2021 did Bitcoin match its current dominance. Speculations remain on whether Bitcoin will continue to elevate its dominance, retreat, or maintain its current stance.
