Bitcoin's market dominance, one of the most prominent indicators used to analyze cryptocurrency markets, reached 50% for the first time in two years on June 19, and has since stabilized at 49.9%, according to data from TradingView.

This means that Bitcoin alone accounts for half of the total cryptocurrency market capitalization of $1.1 trillion, with Bitcoin currently having a market capitalization of $519 billion.

Ethereum's market dominance remained steady at the 20% range for the bulk of the year. Currently, the combined value of Bitcoin and Ethereum accounts for about 70% of the total cryptocurrency market.


On the cusp of a major shift

Over the past week, the two largest financial powerhouses, BlackRock and Vidalty, have announced their willingness to enter the bitcoin market extensively, as they have announced that they have applied for approval to manage the exchange-traded funds for the formation.

BlackRock has $10 trillion and Fidality has $4.5 trillion in assets under management. Simply put, if these giant investment companies with strong financial clout decide to enter the cryptocurrency world, they have the potential to reshape the entire landscape.

According to some cryptocurrency market watchers, the two companies' demand to invest in Bitcoin will increase investor confidence in the cryptocurrency, and the demand may be "the best thing that can happen to Bitcoin right now," despite warnings from others that there is a hidden cost.

Analyst Lark Davies said in a tweet that the current supply of bitcoin in trading platforms is limited, and if only 0.3% of the funds managed by these companies were allocated to bitcoin, it would be enough to get all the bitcoin available.

Blackrock has 10 trillion in assets under management. Fidelity has 4.5.

Just 0.3% of their funds allocated to Bitcoin would buy EVERY SINGLE BITCOIN currently available on exchanges.

If these two companies get ETFs approved then buckle up!

— Lark Davis (@TheCryptoLark) June 20, 2023

Lark Davies' words highlight the enormous influence and purchasing power these companies have, should they decide to buy or invest in Bitcoin.

He added that the approval of exchange-traded funds for BlackRock and Vidality is a game-changer for Bitcoin, and the ETF will provide a structured path that investors can access to acquire Bitcoin without the need for direct ownership.

In a tweet by Galaxy Digital CEO Mike Novogratz, he said the approval would be "the best thing that can happen to Bitcoin."

Fun being on @LizClaman show!! And yes, @BlackRock getting a $BTC ETF through would be the best thing that could happen to $BTC. https://t.co/2fFBeB9eyo

— Mike Novogratz (@novogratz) June 16, 2023

Novogratz stressed that the field will open wide to institutional and retail investors alike, and will unleash significant capital in the cryptocurrency market, which will have a profound impact on the price of Bitcoin and overall market dynamics.

The increased demand caused by these influential players entering the market could push Bitcoin to new heights, attract more investors, and bring more legitimacy to cryptocurrencies.