Regulation isn’t crypto’s biggest narrative. Bitcoin is wearing seven different labels. Top crypto categories by market cap on CoinMarketCap: - Layer 1: $2.04T - SEC/CFTC token categories: $1.93T - FTX Bankruptcy Estate: $1.90T - US Strategic Crypto Reserve: $1.89T - YZi Labs Portfolio: $1.78T - 2017/18 Alt Season: $1.65T - Bitcoin Ecosystem: $1.54T - World Liberty Financial Portfolio: $590B - Sophon Ecosystem: $505B - Ethereum Ecosystem: $430B - Smart Contracts: $386B - Etherlink Ecosystem: $372B - Unichain Ecosystem: $364B Every category from #1 to #7 contains Bitcoin. They have to: all of crypto except BTC adds up to about $988B. Anything bigger than that is mostly Bitcoin with a few coins on top. So the SEC/CFTC list doesn’t beat Bitcoin. It is Bitcoin, plus ETH and a few others. The real competition starts at #8, where the categories drop to $590B and below. Even the whole Ethereum Ecosystem is less than a third of Bitcoin Ecosystem. The categories barely moved today. Single tokens moved a lot: $PIRATE is up over 9,000%. Data: CoinMarketCap, CoinGecko
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