U.Today – Bitcoin’s (BTC) dominance rate, or share of the overall crypto market, just reached a new high for 2023, according to a crypto analyst. BTC dominance continues to rise, reaching unprecedented highs in 2023.
Bitcoin dominance has gained traction since the start of the week. After four straight days of continuous gains, the dominance rate rose to 52.72% on Friday, reaching its highest level of the year so far, according to TradingView data.
The increase corresponds to the bullish breakout in June, which signaled the end of the long-term trend between 38% and 48%.
The rise in Bitcoin (BTC) dominance coincided with a rise in Bitcoin price to the $30,000 mark. Bitcoin topped $30,000 in Friday trading for the first time since July, extending weekly gains to over 10% amid volatility in cryptocurrency trading.
Bitcoin briefly hit $30,000 for the second time this week as investors grew confident that a spot Bitcoin ETF would soon be approved. Bitcoin, the largest cryptocurrency by market capitalization, hit its highest level since July 23 at $30,022. At the time of writing, it was up 4.41% on the day to $29,708.
h2 Bitcoin spot ETF approval pending be approved (SEC).
He didn’t say when that might happen, but he said any decision would ultimately rest with the SEC.
Galaxy CEO Michael Novogratz predicts that the U.S. Securities and Exchange Commission will approve exchange-traded funds that invest directly in Bitcoin later this year.
CryptoQuant, a blockchain analytics startup, is bullish, predicting that Bitcoin spot ETFs could add $1 trillion to the market size.
This article was originally published on U.Today
Get the news you want
Read market-moving news with a personalized feed of the stocks that interest you.
Get the app
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.