Bitrabo Editorial
Bitcoin has made a strong comeback, surpassing $61,000 and reaffirming its position as the leading digital asset in the cryptocurrency space with a market share not seen in over three years.
Bitcoin’s Growing Dominance
Despite recent market fluctuations, Bitcoin’s dominance in the crypto market has increased, with its market share hitting a 40-month high of 78.5%, outperforming Ethereum. This surge indicates a higher demand for Bitcoin compared to Ethereum.
The rise in Bitcoin’s dominance began late last year amidst rumors of a Bitcoin Exchange-Traded Fund (ETF), which was approved in January, leading to significant inflows.
While Ethereum has experienced similar trends, its dominance has not matched up, as seen by the limited demand for the spot Ethereum ETF.
Altcoins struggle to maintain momentum, highlighting investors’ confidence in Bitcoin as a reliable store of value.
Bitcoin’s Price Performance
Bitcoin is on a positive trajectory, bouncing back from the $58,000 support level. Analysts anticipate further gains, especially with the upcoming FOMC meeting in September, speculated to trigger a price surge if the Federal Reserve cuts rates.
Currently, Bitcoin has gained over 3% in the past week, trading at $61,155, with increased market cap and trading volume.