Categories: News

Bitcoin Reclaims 50% Market Dominance Threshold But Has More Upside Potential

Over the past month, Bitcoin (BTC) has remained relatively steady, registering a price of $26,700, mirroring its position from the prior month. However, a deeper dive reveals that its influence over cryptocurrency has expanded.

Bitcoin’s Market Dominance: The Figures Tell the Story

Monday bore witness to Bitcoin’s market dominance reaching an impressive 50.2%, marking its zenith in a month. This is just a shade away from its 26-month peak of 52% observed at June’s close. Historically speaking, this dominance oscillated between 39% and 49% for over two years. So, what sparked the sudden surge to 52% in June? It can be attributed to the anticipation around BlackRock’s proposition for a Bitcoin exchange-traded fund, which hinted at potential voluminous inflows into this digital asset.

The speculation surrounding ETF listings has painted Bitcoin in a favorable light. There’s increased “buying potential” owing to these listings. Conversely, alternative cryptocurrencies, commonly dubbed as ‘altcoins’, teeter on the edge, potentially heading downward.

The altcoin market has challenges. Observers have highlighted many concerns, including the recent insolvency of the FTX exchange, a dip in the Ethereum protocol’s revenues, and looming token unlocks. The latter paves the way for venture capitalists to offload tokens, a factor that could destabilize the altcoin market.

Regulatory Tailwinds Boosting Bitcoin

Noelle Acheson, a noted macro analyst, has shed light on Bitcoin’s prospective advantages arising from new regulatory propositions. The New York Department of Financial Services (NYFDS) unveiled these potential changes on Monday. A pivotal part of this proposal emphasizes stricter criteria for cryptocurrency listings on platforms. 

Yet, in the same breath, it offers a nod to Bitcoin. BTC gets the green light, being recognized as a digital asset licensees can list or hold, bypassing any additional regulatory impediments.

In addition, assets like Bitcoin can always thrive regardless of “acceptance” by the people in charge. It has done so for over a decade without missing a beat. 

The post Bitcoin Reclaims 50% Market Dominance Threshold But Has More Upside Potential appeared first on FintechMode.

None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website.


Published by

Recent Posts

Surprise Surprise: The SEC Delays Yet Another Bitcoin ETF Decision

In an ongoing review of spot Bitcoin exchange-traded funds (ETFs), the U.S. Securities and Exchange…

4 mins ago

Mercante Technologies to Launch AI-Powered Customer Support Platform

Press Release: Mercante Technologies to launch automated B2B solution backed by AI-powered tools and competitive…

34 mins ago

AirBit Club Ringleader Sentenced to 12 Years In Prison and Forfeiting $100 Million

In 2015, AirBit Club came into existence, wooing potential investors with the allure of guaranteed,…

1 hour ago

The Bitcoin Supercycle May Be Broken, But The Next Wave Of Cryptos Are Arriving

As the initial enthusiasm surrounding Bitcoin's meteoric rise settles, a new generation of digital assets…

2 hours ago

Former “BitBoy Crypto” Ben Armstrong Faces Jail Time For Loitering

In a twist of events, Ben Armstrong, a prominent figure in the crypto world, formerly…

3 hours ago

Decrypt Introduces the 1000x Loyalty Program and Destination for Financial Entertainment

New York, United States, September 26th, 2023, ChainwireDecrypt Media Inc. has officially announced 1000x, the…

17 hours ago