Bitcoin’s BTC/USD share of the total digital asset market has surpassed 50% as risks strengthen in the rest of the crypto sector, CoinDesk reported.
Bitcoin market dominance rate reached a robust 50.2% on Monday, marking its highest level in a month and nearing a 26-month peak of 52%. This comes despite the cryptocurrency’s price remaining virtually stagnant over the past month, currently at $26,700.
Bitcoin’s dominance range had been fluctuating between 39% and 49% for over two years before it spiraled to 52% in June. This surge was triggered by asset manager BlackRock‘s filing for a spot BTC exchange-traded fund (ETF), instigating hopes of massive inflows into the asset.
Research head at crypto services provider Matrixport, Markus Thielen, notes potential buying pressure from ETF listings as a contributing factor to BTC’s rise. However, he warns that altcoins may be on the verge of a downward shift due to risks including token sales, declining revenues, and upcoming token unlocks.
Macroeconomic analyst Noelle Acheson suggests that proposed regulatory changes by the New York Department of Financial Services (NYFDS) could further consolidate BTC’s status as a safe crypto asset, potentially causing a market shift in its favor.
Read Next: Americans alone spend $100 billion on nicotine products per year. One startup has synthesized a medicine that eliminates the need to smoke in up to 95% of tested smokers. It’s called Rexis Biotech and you can invest in it before the product’s public release.
Engineered by Benzinga Neuro, Edited by
The GPT-4 Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you.
Image and article originally from www.benzinga.com. Read the original article here.