Increased Bitcoin ETF Adoption Propels BTC Dominance To Highest Level Since 2021

Name	Symbol	Market	Market Cap ($)	Algorithm
Binance Coin	BNBUSD	Crypto	98,558,369,682	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Binance Coin

BNBUSD

Crypto

98,558,369,682

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	25.09	4.19%	623.17	623.17	623.24

Price Change

Price Change %

Current Price

Bid Price

Offer

25.09

4.19%

623.17

623.24

High Price	Low Price	Open Price	Prev. Close	52 Week Range
625.17	598.45	598.45	598.08	223.35 - 720.47

High Price

Low Price

Open Price

Prev. Close

52 Week Range

625.17

598.45

598.08

223.35 - 720.47

Exchange	Last Trade	Size	Trade Price	Currency
BINA	01:46:14	0.500000	623.17	USD

Exchange

Last Trade

Size

Trade Price

Currency

BINA

01:46:14

0.500000

623.17

USD

Price x Volume	Volume	Base Symbol	Related Pairs
6,358,591.94	10,320.54	BNB	BNBEUR	BNBGBP	BNBBTC

Price x Volume

Volume

Base Symbol

Related Pairs

6,358,591.94

10,320.54

Increased Bitcoin ETF Adoption Propels BTC Dominance To Highest Level Since 2021

15/04/2024 7:30pm

NEWSBTC

Bitcoin’s dominance within the cryptocurrency market has reached a three-year high, signaling strong demand for US spot Bitcoin ETF holding the largest digital asset and a challenging period for smaller tokens. Bitcoin accounted for nearly 55% of the $2.4 trillion digital asset market at the end of last week, a level not seen since April 2021. On Saturday, in particular, BTC’s dominance jumped to 57% as it briefly touched the $67,000 mark. The next largest tokens by market share include Ethereum (ETH), Tether’s USDT stablecoin, Binance exchange’s native token Binance Coin (BNB), and Solana (SOL). BTC’s Rise Fueled By Successful US Bitcoin ETF Launches According to Bloomberg, the recent success of the recently approved US spot Bitcoin ETFs from prominent issuers such as BlackRock and Fidelity Investments has played a significant role in Bitcoin’s rise. These ETFs have garnered approximately $56 billion in assets, making their debut one of the most successful in fund category history. Related Reading: XRP Poised For Takeoff: Analysts Predict Huge Gains After Bitcoin Halving The inflows into these ETFs drove BTC to its current all-time high (ATH) of $73,798 in mid-March, a clear resistance level for the largest cryptocurrency on the market, as evidenced by its inability to consolidate above the $70,000 level following this achievement. Although BTC is down about 6% since then, smaller digital assets such as Avalanche (AVAX), Polkadot (DOT), and Chainlink (LINK) have seen more significant declines of nearly 30% over the past month. This drop coincided with reduced expectations for looser US monetary policy settings, often fueling speculative gains. Hong Kong-Listed ETFs Boosts Bitcoin And Ethereum Institutional investors’ allocations to the US Bitcoin ETF have greatly influenced Bitcoin’s performance relative to the rest of the market. Benjamin Celermajer, director of digital-asset investment at Magnet Capital, noted that strong institutional demand is a key driver. On Monday, Bitcoin and Ethereum, the second-largest cryptocurrency, saw notable price jumps following indications that asset managers are preparing to launch Hong Kong-listed ETFs on both tokens. Bitcoin rose 4.3% to $66,575, while ETH jumped 6.2% to $3,260. These rallies had a positive impact on the broader crypto market, lifting other notable tokens such as Polygon (MATIC), Cardano (ADA), the dog-themed meme coin Dogecoin (DOGE), and Solana, which is now the top 5 cryptocurrency market winner, up over 8% on Monday. Related Reading: Shiba Inu Insider Reveals Top 5 Shibarium Investment Rules Interestingly, the Bloomberg Galaxy Crypto Index, which measures the performance of the largest digital assets traded in US dollars, has more than tripled since the beginning of last year, marking a significant rebound from the bear market experienced in 2022. Lastly, investors and traders eagerly anticipate the upcoming Bitcoin Halving, an event that will cut the new supply of the token in half, expected around April 20th. Previous Halving events have acted as a tailwind for prices, although there are growing doubts about whether history will repeat itself given BTC’s recent all-time high achievement. BTC has successfully maintained its position above the $66,000 threshold and has consolidated in this range. However, it is important to note that losses have accumulated over longer time frames. Over the past fourteen and thirty days of trading, the cryptocurrency has experienced significant declines of over 21% and 24% respectively. Featured image from Shutterstock, chart from TradingView.com

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BNBUSD Binance Coin