The recent filing of BlackRock's spot ETF and the increased regulatory scrutiny by the Securities and Exchange Commission on cryptocurrencies have led to a surge in investor interest in Bitcoin.

Bitcoin dominance, which indicates the proportion of Bitcoin's market capitalization relative to the entire cryptocurrency market, has surpassed the 50% threshold.

At 6 pm UTC on June 19, Bitcoin dominance reached slightly above 50%, and it has subsequently stabilized at 49.9% as of the time of this article, as per TradingView data.

This signifies that Bitcoin alone represents 50% of the entire cryptocurrency market, which has a total market capitalization of $1.1 trillion. As per Coingecko data, the current market capitalization of Bitcoin is $519 billion.

It is worth mentioning that Bitcoin's dominance in the market has increased by over 10.5% since November 27, 2022. This rise can be attributed primarily to investors seeking Bitcoin as a safe haven following the FTX crisis and amidst growing regulatory scrutiny of cryptocurrencies in the United States.

Over the past eight months, Bitcoin has experienced a substantial increase in dominance, while Ether has maintained a steady market dominance of around 20% for nearly a year. Currently, the combined value of Bitcoin and Ether represents approximately 70% of the total cryptocurrency market.

Michael Saylor, the co-founder of MicroStrategy and a prominent advocate of Bitcoin, predicts that Bitcoin's market dominance will exceed 80% in the future. This projection is based on his belief that growing regulatory scrutiny from the Securities and Exchange Commission (SEC) will lead to the decline of stablecoins and the majority of other cryptocurrencies. According to Saylor, these regulatory pressures will eventually force these alternative digital assets out of the market.

Moreover, Saylor attributed the absence of significant institutional investment in the cryptocurrency industry to the state of "bewilderment and unease" created by the existence of 25,000 other digital currencies that have positioned themselves as alternatives to Bitcoin.

"Bitcoin holds the position of being the universally recognized digital commodity in the industry," stated Saylor, acknowledging that Bitcoin is the sole cryptocurrency classified as a commodity by SEC Chair Gary Gensler. Presently, the SEC has identified 68 cryptocurrencies as securities.

Bitcoin is currently being traded at a price of $26,746, reflecting a 1.5% increase in the past 24 hours, as reported by the Cointelegraph Price Index. Despite concerns and apprehensions in the cryptocurrency market reaching their highest level in three months, the value of Bitcoin has experienced a growth of over 3% during the past week.

Santiment, a crypto research firm, highlights the filing of a Bitcoin spot ETF by Blackrock, a prominent investment firm, as one of the key factors propelling the recent upward movement in Bitcoin's price.