BTC’s Market Dominance Records A 2-Year High
Bitcoin has seen a 10% increase in price over the past week, driven by ETF approval posts and other news. Despite other cryptocurrencies experiencing significant gains, BTC has topped them all, with reports suggesting its price trajectory towards the $45,000 mark in 2024. This solidifies Bitcoin’s position as the most dominant crypto, despite a bearish trend for the past two years.
Bitcoin’s price has surged by 8% due to false information about spot Bitcoin approval, marking a 49% weekly rise since 2021. The Block data report shows Bitcoin’s share in the crypto market capitalization has increased from 38% to 48.85% since 2023. Despite the crypto winter season, Bitcoin has shown resilience, with a 71% increase since 2023. Research reports suggest Bitcoin’s strong market value and stability, making it a sought-after hedge against global economic uncertainty, inflation, political strife, and geopolitical tensions. As digital gold, Bitcoin provides a sense of stability, showing patterns similar to its historical price trend. The consolidation period for Bitcoin is coming to an end, as its price soars above $29,000 from $27,500 in just a few days.
(With inputs from Shikha Singh)
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