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.
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