Bitcoin (BTC) dominance in the crypto market has surpassed 49%, reaching its highest level in over two years.
According to CoinGecko data, Bitcoin dominance is currently at 49.58%, nearly three times the dominance of Ethereum (ETH), the second largest cryptocurrency by market capitalization, which is around 16.7%.
This steady increase in dominance, starting at around 38% at the start of the year, means Bitcoin's market share will increase significantly.
Bitcoin's rise in dominance can largely be attributed to its year-long recovery, with the cryptocurrency's price up 81% since the start of 2023.
This impressive performance solidified Bitcoin's position as a leading force in the market.
Several factors may be contributing to this increase :-
First, concerns about inflation, geopolitical risks and the growing polarization of the US government have prompted investors to seek safe haven assets, thereby minimizing risks.
Bitcoin, with its decentralized nature and limited supply, has become an attractive option for those seeking stability amid uncertainty.
Additionally, the possibility of a Bitcoin exchange-traded fund (ETF) receiving regulatory approval has further boosted confidence in the cryptocurrency.
The approval of a Bitcoin ETF will provide traditional investors with an easy and regulated way to invest in Bitcoin, potentially attracting a significant inflow of capital into the market.
Bitcoin Could Hit $42,000 If Spot ETF Is Approved 🤯
As reported, crypto financial services platform Matrixport has predicted a major Bitcoin price rally if a spot ETF is launched school.
Compare this to precious metals ETFs, which have a market cap of around $120 billion, assuming 10-20% of precious metals ETF investors consider diversifying into Bitcoin ETFs as a hedge Preventing currency devaluation and inflation, Matrixport says we could see an inflow of between $12 billion and $24 billion into the Bitcoin ETF.
Additionally, with inflows greater than $50 billion thanks to the RIA's 1% allocation recommendation, Bitcoin is likely to rebound to $56,000, the company added.
Recently, there has been growing optimism about the launch of a Bitcoin spot ETF.
Last week, Paul Grewal, Coinbase's chief legal officer, said the SEC would soon approve a Bitcoin spot ETF.
He emphasized that the recent court ruling dealt a major blow to the SEC, saying that the regulator had no reason to reject Grayscale's offer to convert its GBTC Bitcoin fund into a fund. ETF.
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