Bitcoin logs 2nd quarterly gain as smaller tokens lag by the most since 2020

July 2, 2023

Bitcoin has seen its dominance of the crypto market strengthen as smaller tokens struggle due to regulatory concerns. Bitcoin rose 7% in the second quarter, driven by optimism about the potential launch of spot Bitcoin exchange-traded funds (ETFs) by companies like BlackRock and Fidelity Investments. Meanwhile, smaller tokens have been weighed down by the US SEC’s classification of certain coins as unregistered securities. Bitcoin’s dominance is at its highest level in more than two years, accounting for nearly 49% of the $1.2 trillion crypto market.

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