Bitcoin back above $28k; commands 49% of market share as altcoins struggle Bitcoin back above $28k; commands 49% of market share as altcoins struggle
Bitcoin briefly regained 50% market share today as investors continue to pull out of altcoins.
1 min read
Updated: Jun. 21, 2023 at 12:03 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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%.
In the last 24 hours, Bitcoin saw the highest value of liquidations across all cryptocurrencies, totaling $51.19 million, with the largest single liquidation order being a BTC-USDT trade on Binance valued at $4.67 million, according to CoinGlass data.
Gaining momentum
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 Securities, 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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Author 
Jacob Oliver
Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. He holds a Ph.D. from the University of Washington.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,127.39
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
EDX Markets
EDX Markets is a non-custodial cryptocurrency exchange backed by Citadel Securities, Fidelity Digital Assets, Virtu Financial, Charles Schwab, Sequoia, Paradigm and others.
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.