Bitcoin BTC price outperforms altcoins, ETH price, pushing Bitcoin market dominance above 50%
Bitcoin (BTC) has been on a run for the past month – its current price of $26,700 is essentially flat from 30 days ago – but its market dominance is increasing as risk appetite for the rest of the cryptocurrency sector increases.
The Bitcoin market dominance rate, which tracks the largest cryptocurrency’s share of the total digital asset market, rose to 50.2% on Monday, its strongest level in a month and well below a 26-month high of 52% at the end of June. Got closer.
From a broader perspective, Bitcoin’s market dominance hovered between 39% and 49% for more than two years, reaching as high as 52% in June after asset manager BlackRock applied for a spot BTC exchange-traded fund. Due to which expectations increased. Releasing massive inflows into the asset.
Marcus Thielen, head of research at crypto service provider Matrixport, explained in an interview with CoinDeskTV on Monday that BTC is receiving more “potential buying pressure” from the ETF listing, while alternative cryptocurrencies – also known as altcoins – are being traded less. May be on the verge of. He noted bankrupt exchange FTX’s token sale, declining Ethereum protocol revenues and upcoming token unlocks – which allow venture capital investors to sell tokens – among the risks on the altcoin market.
“So far this year, BTC peaked in July, while ETH peaked in April,” Thielen said. “These all [ETF] The announcements haven’t really benefited altcoins, not even Ether.”
Macro analyst Noel Acheson said Bitcoin is likely to benefit from the latest regulatory changes proposed on Monday by the New York Department of Financial Services (NYFDS), which include stricter rules for listing cryptocurrencies on exchanges, as well as making BTC a digital asset. Green-listing also includes the assets it provides to license holders. Can be listed or detained without any regulatory constraints.
“The immediate impact on crypto markets could be a further rotation into BTC, as it solidifies its status as a ‘safe’ crypto asset,” Acheson wrote in a newsletter.
Source: www.coindesk.com
