By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
CryptoXTimesCryptoXTimes
  • Home
  • News
    • Crypto
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • Shiba Inu News
    • Ripple News
    • Analysis
    • iGaming News
  • Cryptocurrency
    • Price Prediction
    • Learn
    • Reviews
  • Advertise
    • Press Release
  • Contact Us
Notification Show More
Font ResizerAa
CryptoXTimesCryptoXTimes
Font ResizerAa
  • Home
  • News
  • Cryptocurrency
  • Advertise
  • Contact Us
Search
  • Home
  • News
    • Crypto
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • Shiba Inu News
    • Ripple News
    • Analysis
    • iGaming News
  • Cryptocurrency
    • Price Prediction
    • Learn
    • Reviews
  • Advertise
    • Press Release
  • Contact Us
Have an existing account? Sign In
Follow US
© 2024 CryptoXtimes. All Rights Reserved.
CryptoXTimes > Article > Bitcoin News > Bitcoin Dominance At 3-Year High Amid ETF Surge
Bitcoin NewsNews

Bitcoin Dominance At 3-Year High Amid ETF Surge

Bitcoin dominance surges amid ETF success and market volatility concerns linger.

Aima Raza
Last updated: April 15, 2024 11:00 pm
Aima Raza 1 year ago
Share
Bitcoin Dominance At 3-Year High Amid ETF Surge

Bitcoin has become the most popular digital asset in three years, showing enormous demand for it at a time when other tokens are struggling.

At the end of last week, the market for digital assets was worth $2.4 trillion, and BTC controlled almost 55% of that market. This much power has existed since April 2021. On Saturday, it gained a lot of ground, reaching 57% and just barely going over $67,000.Next on the list are Solana (SOL), Tether’s USDT stablecoin, Ethereum (ETH), and Binance Coin (BNB).

A significant factor for Bitcoin’s success is that successful US spot Bitcoin Exchange Traded Funds (ETFs) were recently approved by prominent businesses like BlackRock and Fidelity Investments. People have put about $56 billion into these ETFs, making their start one of the most successful in the history of funds.

Bitcoin ETFs Drive Surge

Bitcoin hit its all-time high (ATH) of $73,798 in mid-March due to many funds moving into these ETFs. Even though it dropped another 6%, BTC did better than other digital assets like Avalanche (AVAX), Polkadot (DOT), and Chainlink (LINK), which declined nearly 30% in the last month. This happened at the same time that people became less optimistic about the US’s plans to loosen monetary policy.

The holdings of institutional players have had an enormous effect on BTC success compared to the rest of the market in the US Bitcoin ETF. Benjamin Celermajer, Director of Digital Asset Investment at Magnet Capital, states that strong institutional demand was a significant factor.

Several signs suggested asset managers were preparing to launch Hong Kong-listed ETFs for BTC and Ethereum on Monday. This made the prices of these currencies rise sharply. The value of Bitcoin and Ethereum rose by 6.2% and 4.3%, respectively, to $66,475.

The prices of tokens like Polygon (MATIC), Cardano (ADA), Dogecoin (DOGE), and Solana all went up. With an increase of over 8%, Solana was the most profitable token in the top 5 cryptocurrencies.

The Bloomberg Galaxy Crypto Index, which tracks the success of major digital assets traded in US dollars, has increased more than threefold since the start of the year. People were extremely skeptical about the market in 2022, so this is an enormous shift.

More and more people are enthusiastic about the Bitcoin Halving event that will happen around April 20th and split the new supply of Bitcoins in half. After earlier halving events, prices have gone up, but there are questions after Bitcoin’s most recent all-time high.

Bitcoin has stayed above $66,000 and is now in this price band. Drops that last longer happen during active trade times. For instance, losses have been more than 21% and 24% in the last fourteen and thirty days, respectively.

You Might Also Like

Deutsche Bank Considers Issuing Stablecoin Amid Digital Shift

Will Bitcoin Break $111K or Face Major Correction?

PEPE Memecoin Surges 8.5% After Trump’s Cryptic Post Sparks Frenzy

Telegram Integrates Elon Musk’s Grok AI in $300M Deal

Berachain Transactions Tumble, Fee Revenues Cut In Half

TAGGED: Bitcoin, Cryptocurrencies, ETF, Ethereum
By Aima Raza
As a practicing lawyer who focuses on issues related to crypto and blockchain, Aima gives our content a unique legal viewpoint. Because she is so good at navigating the constantly changing regulatory environment, our readers always know about the latest regulations and happenings in the crypto world.
Previous Article IRS To Intensify Crackdown On Crypto Tax Evasion In 2024. IRS To Intensify Crackdown On Crypto Tax Evasion In 2024.
Next Article Dogecoin's Price Stability Tested As Investors Await Breakout Dogecoin’s Price Stability Tested As Investors Await Breakout
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow US

Find US on Socials
TwitterFollow
TelegramFollow
LinkedInFollow

Subscribe to our newslettern

Get Newest Articles Instantly!

Popular News
Deutsche Bank Considers Issuing Stablecoin Amid Digital Shift
Deutsche Bank Considers Issuing Stablecoin Amid Digital Shift
Iceland PM Shifts Energy from Bitcoin to Agriculture
Iceland PM Shifts Energy from Bitcoin to Agriculture
RippleX Halts AMM Pool Deposits Due to XRP Ledger Glitch
RippleX Halts AMM Pool Deposits Due to XRP Ledger Glitch

You Might Also Like

Trump Media Launches $2.5B Crypto Investment Strategy
NewsCrypto

Trump Media Launches $2.5B Crypto Investment Strategy

By Nayab Fatima 2 weeks ago
$BONK Surges 4% as Breakout Above $0.000021 Nears
CryptoNews

$BONK Surges 4% as Breakout Above $0.000021 Nears

By Haider Ali 2 weeks ago
XRP Gathers Momentum Amid Whale Accumulation and ETF Buzz
Altcoin NewsNews

XRP Gathers Momentum Amid Whale Accumulation and ETF Buzz

By Muhammad Ali 1 month ago
MOVE Token Drops 20% After Coinbase Announces May 15 Trading Suspension
CryptoNews

MOVE Token Drops 20% After Coinbase Announces May 15 Trading Suspension

By Haider Ali 1 month ago
CryptoXTimesCryptoXTimes
Follow US
© 2024 CryptoXtimes. All Rights Reserved.
  • About Us
  • Careers
  • Privacy Policy
  • Risk Disclaimer
Welcome Back!

Sign in to your account

Lost your password?