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Bitcoin's (BTC) percentage share in the crypto market has risen to nearly 50% in the aftermath of the last week's altcoin market rout.

On June 13, the Bitcoin Dominance Index (BTC.D), which tracks BTC's weight against other cryptocurrencies, reached 49.29%, slightly down from its two-year highs of 49.66% seen earlier this week. 

BTC not an "unregistered security" 

The surge in Bitcoin dominance comes after the United States' Securities and Exchange Commission's (SEC) lawsuit against the crypto exchanges Binance and Coinbase. In its court filings, the commission accused many leading altcoins, including Cardano (ADA) and Solana (SOL), of being "unregistered securities."

Related: SEC’s Gensler says BTC, ETH ‘not securities’ in a newly surfaced video

Bitcoin's market share typically rises during high market stress, given that traders view it as the least volatile, non-stablecoin crypto asset than most cryptocurrencies. For instance, at the height of banking crisis in March 2023, Bitcoin's dominance versus altcoins had also rebounded to 50%.

Bitcoin (BTC) returned above $26,000 on June 13 as analysts eyed resistance overhead. 

Bitcoin price inches between trend lines

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD attempting to reclaim $26,000 support after the daily close.

The pair had seen a curiously uneventful start to the week despite ongoing fallout from United States legal action and markets preparing for a slew of macroeconomic data releases.

Thus, Bitcoin remained in a narrow range, which has been in place since midway through the weekend.

“Risky day for any deep trades,” popular trader Crypto Tony wrote in part of the day’s Twitter analysis, considering upside potential should the support flip occur.

Ava Labs CEO Emin Gün Sirer will be calling on United States officials to “nurture” and “support” responsible blockchain innovation, warning that they face “disastrous consequences” if they don't.

Gün Sirer’s comments in defense of what he describes as a “revolutionary technology” is part of a testimony that he is scheduled to give to the U.S. House Financial Services Committee on June 13 — the audience will include Chair Patrick McHenry, Ranking Member Maxine Waters and other members in the House Committee.

Gün Sirer’s testimony aims to explain how blockchain can “transform society” by making digital services “more efficient, reliable and accessible to all.”

It comes amid a slew of regulatory enforcement actions by the U.S. Securities Exchange Commission (SEC) and U.S. Senator Elizabeth Warren’s indicated plans to build an “anti-crypto army.”

But Gün Sirer fears that such action may backfire with “disastrous consequences” on the country’s economy: