Three days ago, Bitcoin was at 50% market dominance, indicating that the cryptocurrency then accounted for half of the total crypto market cap, valued at $1.052 Trillion.
This came shortly after BlackRock ETF Filling. Soon thereafter, the news of Bitcoin’s renewed dominance has driven much excitement across the crypto community, with many speculating on the reason for such market growth.
Bitcoin Price Surges
Bitcoin (BTC) has made a significant breakthrough by surpassing the $30,000 level, marking the first time since April that it has achieved this milestone. In the past 24 hours alone, the cryptocurrency has held a market cap dominance of 47.889%.
In the past 24hours, Bitcoin has gained by 5.2% and increased it trading volume to $30,584,488,218. Looking back at the last 7 days, it has being bullish and prompts hope for further price rallying.
In addition BlackRock, other major players such as Invesco and WisdomTree have also submitted applications for spot Bitcoin exchange-traded funds (ETFs). This move demonstrates their confidence in the potential of cryptocurrencies.
Moreover, Deutsche Bank has revealed that it has applied for a digital asset custody license in Germany, indicating its intention to be part of the growing digital asset ecosystem.
Despite recent regulatory measures taken by the US Securities and Exchange Commission (SEC) and previous rejections of spot ETF applications, the market remains optimistic about the prospects of BlackRock’s success. BlackRock’s established reputation and track record with the SEC have bolstered its perceived chances of obtaining approval.
While Bitcoin’s current price surge reflects an impressive gain of over 80% since its opening value of $16,547 at the beginning of 2023, it is important to note that it still falls significantly short of its all-time high of $68,789, which was achieved in November 2021.
This raises the question of whether the recent upswing is a promising sign of sustained growth or a temporary occurrence that may be subject to further market fluctuations.
Source: Image from Tradingview.