Ohio Lawmaker Introduces BTC Reserve Bill Allowing State to Buy BTC
Ohio has become the third US state to propose legislation for incorporating Bitcoin reserves into the state treasury.
Bitcoin dominance has reclaimed the 50% mark for the first in two years, making up more than half of cryptocurrency’s total market capitalisation.
It has since settled back below 50%, sitting at 49.96% of the total market cap. Currently, the market cap of Bitcoin ($BTC) is sitting at $519 billion, making up the total $1.1 trillion dollar industry. Since November last year, Bitcoin’s dominance has increased by nearly 11%. A significant shift in investors moving back to holding Bitcoin over altcoins is related to the crash of FTX and increasing pressure from the United States Securities and Exchange Commission (SEC) to cryptocurrency exchanges. Over the last few months, the regulatory environment towards cryptocurrency companies has become more rigid.
Bitcoin advocate and MicroStrategy founder Michael Saylor commented on the news, saying that Bitcoin dominance will rise again. The Bitcoin bull suggests that the dominance of the leading exchange will rise beyond 80% in the next few years. This, according to Saylor, will come as a result of the increasing regulation against stablecoins and other cryptocurrencies in the industry. He noted:
Regulatory clarity is going to drive #Bitcoin adoption by eliminating the confusion & anxiety that has been holding back institutional investors. Bitcoin dominance will continue to grow as the #Crypto industry rationalizes around $BTC and goes mainstream. pic.twitter.com/Foq4lpderj
— Michael Saylor⚡️ (@saylor) June 13, 2023
Other cryptocurrencies in the market
Saylor points to an absence of institutional money entering the cryptocurrency space as the reason for so many altcoins that are taking any dominance in the market. With more than 25,000 other cryptocurrencies, he believes that there is avoidable “confusion and anxiety” in the industry.
Ethereum market cap
Bitcoin has been steadily increasing back to major dominance in the market. At the same time, Ethereum’s market capitalisation has held around 20% of the crypto market. As it stands, Bitcoin and Ethereum ($ETH) combined make up around 70% of the total market.