⚠️ Specialists of The Block reported that the current dominance of Bitcoin in the cryptocurrency market is 51.5%, which is the maximum level since April 2021.
ℹ️ Over the past week, the rate of the first cryptocurrency has grown by 18% and now BTC is trading around $34,000. Altcoins during this period, although they showed some growth, did not add much to the price. Ether, for example, rose 13%, while Binance's native coin BNB only added 4.8%.
Note that since the beginning of the year, the bitcoin rate has almost doubled. At the moment, the return on Bitcoin is one of the highest, including stocks and other traditional financial instruments.
According to CoinShares head of research James Butterfill (James Butterfill), the first cryptocurrency is attracting institutional investors, especially against the background of the possible launch of a spot ETF for bitcoin in the United States.
"In the period from October 10 to 24, the capitalization of the cryptocurrency market increased from $980 billion to $1.236 trillion. This indicates that investors are not just moving funds from altcoins, but about the inflow of new funds," Butterfill noted.
Earlier, Bernstein analysts said that the launch of a spot ETF on bitcoin will be a catalyst for a new bull cycle.
