Bitcoin back above $28k; commands 49% of market share as altcoins struggle

As much of the crypto market struggles amid a series of regulatory setbacks, Bitcoin has remained resilient.

Today the market’s foremost cryptocurrency broke $28,000 for the first time since May 28 in a resurgence that has seen Bitcoin’s dominance of the total cryptocurrency market cap rise to 49%. At press time, Bitcoin was trading at $27,962.61, and was up almost 5%.

Bitcoin’s upward momentum follows a boost in institutional interest from major players. Last week, BlackRock, the world’s largest asset manager, filed its application for a spot Bitcoin ETF with the SEC. Many firms have attempted to secure the SEC’s approval for a spot Bitcoin ETF, but so far, none have succeeded.

The market also has taken the arrival of EDX Markets, an institutional crypto exchange backed by Fidelity, Charles Schwab, and Citadel, as a positive sign. EDX markets launched on June 20, 2023, the same day Bitcoin reclaimed $28,000.

Bitcoin’s rise contrasts starkly with the performance of the rest of the cryptocurrency market, which has floundered in recent weeks in the wake of the SEC’s historic lawsuits against Binance and Coinbase, in which it asserted that several mainstream cryptocurrency tokens were, in its view, unregistered securities.

Gary Gensler, the chair of the SEC, has been vocal in his intent to take action against crypto firms that he sees as operating outside of U.S. law. Gensler has gone on record stating that every cryptocurrency, with the singular exception of Bitcoin, qualifies as a security under U.S. law. His stance on Ethereum, however, remains ambiguous.

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