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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
Bitcoin

Bitcoin Takes Control: BTC’s Market Maintains Dominance Surging To New Highs

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin, the flagship cryptocurrency asset is currently in the limelight after experiencing a price recovery, enabling BTC to surpass the $61,000 threshold. Following the positive move, the coin has once again demonstrated its supremacy in the cryptocurrency space and solidified its position as the top valuable digital asset, with its market share reaching a peak not seen in more than 3 years.

The Market Is Becoming More Dominated By Bitcoin

CryptoQuant, a leading on-chain analytics platform shared the positive development on the X (formerly Twitter) platform, which represents BTC’s increasing power and tenacity in the ever-evolving and volatile world of cryptocurrencies. Bitcoin dominance has increased despite recent market fluctuations, attracting a bigger share of the total market capitalization of digital assets.

Related Reading: Bitcoin Improves Market Dominance Over Altcoins, Stands Firm On Major Support

According to the platform, in comparison to the market cap of Ethereum, the second largest crypto asset, Bitcoin’s dominance has grown significantly, reaching a 40-month high of about 78.5%. This rise in dominance suggests that crypto investors are more in demand for BTC, whereas Ethereum’s attraction has not been able to keep up.

The post read:

In the chart below, you can see how Bitcoin’s dominance has expanded relative to Ethereum’s market cap, now hitting a 40-month peak with a dominance of 78.5%. This indicates a stronger demand for Bitcoin among investors, while Ethereum’s appeal has not (yet) matched up.

The on-chain platform revealed that the dominance of BTC started to ascend in late 2022 due to the mounting rumors surrounding a Spot Bitcoin Exchange-Traded Fund (ETF), which was later approved in January this year and has seen substantial inflows ever since.

Bitcoin
Bitcoin’s dominance surges to 40-month high | Source: CryptoQuant on X

Despite a similar scenario happening with Ethereum, this trend still has not changed. Specifically, this is demonstrated by the low figures for the spot Ethereum ETF, which shows the restricted demand for ETH.

Given that major events like the Initial Coin Offering (ICO) bubble and bubble peak are able to alter this trend as seen in 2021, CryptoQuant contends that ETH will need to experience an equally significant event in order to tamper with this trend, and potentially dominate the market.

Since altcoins find it difficult to sustain momentum, BTC’s increasing dominance highlights investor trust in the cryptocurrency’s long-term value, underscoring its resilience and appeal as a dependable store of value.

BTC Price Experiences Bullish Performance

Currently, Bitcoin is displaying a positive momentum after rebounding from the $58,000 support level. With the growing optimism around the crypto asset, it is likely to attract more gains as the bulls seem to have taken control of the market once again.

Related Reading: Bitcoin Price Stagnation To Continue: No Major Rally Expected Before Mid-September

Furthermore, with the FOMC meeting coming up in September, several analysts believe that the event will serve as a catalyst for a price surge once the Federal Reserve (FED) cuts down rates.

At the time of writing, Bitcoin had garnered gains of over 3% in the past week and was trading at $61,155. Its market cap and trading volume have also increased by more than 3% and 0.67% respectively in the past day.

Bitcoin
BTC trading at $60,993 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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