Bitcoin (BTC) Price Forms Support as $30K as Dominance Returns to Multi-Year High
Bitcoin (BTC) price has retested the $30,000 price level following its sustained resurgence from the prior week. Bitcoin is trading at a market value of $30,135, up by 1.47% at the time of writing. This growth underscores the premier coin’s performance in the trailing week period in which it has jumped 11.91%.
Bitcoin Dominance Hits 3-Year High
While Bitcoin remains the most visible digital currency in the market, altcoins, led by Ethereum (ETH) have also recorded impressive upsurges in recent times. However, Bitcoin, with its growing price, has regained its lost dominance in the market, crossing the average threshold and extending its share to 51.5% at the time of writing.
This dominance figure is the highest Bitcoin has been recorded in about 3 years. Bitcoin dominance at the start of this year plunged as low as 38% as Ethereum’s share increased drastically. From January to date, Bitcoin has done better regarding its dominance rate in the Year-to-Date (YTD) period.
The growing dominance is evident Bitcoin remains in a positive light among investors, capitalizing on the positivity in the Ripple ecosystem after its legal victory against the United States Securities and Exchange Commission (SEC). Earlier this week, the regulator dismissed its lawsuit against the firm’s two executives, Brad Garlinghouse and Chris Larsen, ending an almost three-year lawsuit.
Though XRP has been a major beneficiary of this trend, Bitcoin has also retained its luster amid the positive outlook of the market as the Ripple win is considered a win for all.
Bitcoin Price Growth Triggers
The interest in Bitcoin is also triggered by the growing expectation of spot ETF approval. Based on a number of projections, the SEC is likely to approve a Bitcoin spot ETF product by the end of this year, or at most in 2024.
With the markets regulator refusing to Appeal the court’s ruling in its lawsuit against Grayscale Investments in the latter’s bid to convert its Bitcoin Trust into a spot ETF, many maintain optimism that the commission might have come to the end of the road as it concerns the approval of a spot Bitcoin ETF.
The upcoming Bitcoin halving event is also another potential trigger that has helped the digital currency return to its elevated dominance level.
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
