CoinGecko report highlights dominance of Bitcoin

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CoinGecko has revealed its quarterly findings show that Bitcoin’s market dominance has returned to levels last seen in the second quarter of 2021.

Market analyst CoinGecko has revealed its quarterly findings show that Bitcoin’s market dominance has returned to levels last seen in the second quarter of 2021.

Figures show the leading cryptocurrency reached a market share of 47.9 per cent as investors rotated out of alt coins over the last three months.

However, trading volume fell by almost 20 per cent on the previous quarter, largely due to losses from spot markets, with centralised exchanges hit harder than decentralised exchanges – 43 per cent and 28 per cent respectively.

“Q2 was mainly marked by crypto regulation, with turmoil in the US contrasting against greater clarity in Europe and Hong Kong,” said CoinGecko COO Bobby Ong.

“Moving into the second half of 2023, we’ll be watching out for further developments in SEC’s lawsuits and the BlackRock-led spot Bitcoin ETF applications.”

Read the full CoinGecko 2023 Q2 Crypto Industry Report here.