Share this article
Bitcoin’s Crypto Market Dominance Rises to 50% and It Could Go Higher, Say Analysts
Hopes for a spot bitcoin ETF and the latest regulatory actions could prove to be further catalysts.
Updated Sep 19, 2023, 12:28 p.m. Published Sep 18, 2023, 9:32 p.m.
Bitcoin (BTC) has been running in place for the last month – its current price of $26,700 essentially flat from 30 days ago – but its market dominance has been on the rise as risks rise for the rest of the cryptocurrency sector.
The Bitcoin market dominance rate, which tracks the largest cryptocurrency's share of the total digital asset market, rose to 50.2% earlier on Monday, its strongest level in a month and near a 26-month high of 52% reached at the end of June.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Taking a broader view, bitcoin’s market dominance was in a range between 39% and 49% for more than two years before it broke out to that 52% level in June after asset manager BlackRock’s filing for a spot BTC exchange-traded fund spurred hopes about unleashing massive inflows into the asset.
Markus Thielen, research head at crypto services provider Matrixport, explained in an interview Monday with CoinDeskTV that BTC enjoys more “potential buying pressure” from the ETF listings, while alternative cryptocurrencies – also known as altcoins – may be on the brink of breaking lower. He noted bankrupt exchange FTX’s token sales, declining Ethereum protocol revenues and upcoming token unlocks – which allow venture capital investors to sell tokens – among risks on the altcoin market.
“BTC peaked so far this year in July, while ETH peaked in April,” Thielen said. “All these [ETF] announcements haven’t really benefitted altcoins, not even ether.”
Macro analyst Noelle Acheson noted that bitcoin would likely benefit from the latest regulatory changes proposed by the New York Department of Financial Services (NYFDS) Monday, including stricter rules to list cryptocurrencies on exchanges while simultaneously green-listing BTC as a digital asset that license holders can list or custody without further regulatory hurdles.
“The immediate impact on crypto markets could be further rotation into BTC, as it consolidates its status as the ‘safe’ crypto asset,” Acheson wrote in a newsletter.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Dogecoin Hovers Near Key Support as Fed Easing Fails to Spark Risk Rally
Despite elevated trading activity, Dogecoin faces resistance near $0.1425, and its future movement is likely dependent on broader market sentiment.
What to know:
- The Federal Reserve's 25-basis-point rate cut has led to mixed market reactions, with Dogecoin trading quietly within its established range.
- Dogecoin's price remains stable between $0.13 and $0.15, with whale wallets accumulating significant amounts of the cryptocurrency.
- Despite elevated trading activity, Dogecoin faces resistance near $0.1425, and its future movement is likely dependent on broader market sentiment.
Top Stories
