Specialists from The Block reported that the current dominance of Bitcoin in the cryptocurrency market is 51.5%, which is the highest level since April 2021.
Over the past week, the rate of the first cryptocurrency has increased by 18% and now BTC is trading around $34,000. Altcoins during this period, although they showed some growth, did not increase in price that much. For example, Ethereum grew by 13%, while Binance’s native coin BNB gained only 4.8%.
Note that since the beginning of the year, the Bitcoin rate has almost doubled. Currently, Bitcoin’s profitability is one of the highest, including stocks and other traditional financial instruments.
According to James Butterfill, head of research at CoinShares, the first cryptocurrency is attracting institutional investors, especially given the possible launch of a spot Bitcoin ETF in the United States.
Earlier, Bernstein analysts said that the launch of a spot Bitcoin ETF would be the catalyst for a new bull cycle.
Source: Cryptocurrency
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