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Bitcoin (BTC) Price Forms Support as $30K as Dominance Returns to Multi-Year High

Bitcoin price has formed a new support at $30,000 as the digital currency sustained its week long growth amid growing dominance
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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 Price Chart. Source: Coingape
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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.

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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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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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