Bitcoin ETF

Bitcoin

Spot

<![CDATA[<figure class="image"><img src="https://cimg.co/news/126720/334622/adobestock-427197276-medi.jpeg" srcset="" width="" class="content-img" alt=""><figcaption>Source: Adobe Stock</figcaption></figure><a href="https://cryptonews.com/coins/bitcoin/">Bitcoin (BTC)</a>'s dominance in the cryptocurrency market has surpassed 49%, reaching its highest level in more than two years.According to data from CoinGecko, Bitcoin's dominance currently stands at 49.58%, almost three times the dominance of&nbsp;<a href="https://cryptonews.com/coins/ethereum/">Ethereum (ETH)</a>, the second-largest crypto by market cap, which sits at around 16.7%.This steady increase in dominance, starting from around 38% at the beginning of the year, signifies a significant surge in Bitcoin's market share.The rise in Bitcoin's dominance can be largely attributed to its year-long rally, with the cryptocurrency's price surging by 81% since the start of 2023.&nbsp;This impressive performance has solidified Bitcoin's position as a leading force in the market.There are several factors that could have contributed to the surge.&nbsp;First, concerns over inflation, geopolitical risks, and the increasingly polarized U.S. government have prompted investors to seek safe-haven assets, minimizing their exposure to risk.&nbsp;Bitcoin, with its decentralized nature and limited supply, has emerged as an appealing option for those seeking stability amidst uncertainty.Additionally, the possibility of a Bitcoin exchange-traded fund (ETF) gaining regulatory approval has further bolstered confidence in the cryptocurrency.&nbsp;A Bitcoin ETF approval would provide mainstream investors with an accessible and regulated avenue to invest in Bitcoin, potentially attracting a significant influx of capital into the market.<h2 id="bitcoin-could-hit-42k-if-a-spot-etf-is-approved">Bitcoin Could Hit $42K if a Spot ETF is Approved</h2>As&nbsp;<a href="https://cryptonews.com/news/bitcoin-could-hit-42k-if-blackrock-bitcoin-etf-approved-matrixport.htm">reported</a>, crypto financial services platform&nbsp;Matrixport&nbsp;has predicted a major Bitcoin rally if a spot ETF hits the market.&nbsp;Comparing this to the precious metals ETFs, which have a market cap of around $120 billion, assuming that 10-20% of precious metal ETF investors consider diversifying into a Bitcoin ETF as a hedge against monetary debasement and inflation, Matrixport said we could witness an inflow of $12 to $24 billion into the Bitcoin ETF.<blockquote>"If Tether&rsquo;s market cap increases by $24 billion, acting as a proxy for potential ETF inflows, Bitcoin&rsquo;s price would rise to $42,000, representing a conservative estimate."</blockquote>Moreover, with a larger influx of $50 billion resulting from a 1% allocation recommendation by RIAs, Bitcoin has the potential to rally up to $56,000, the firm added.&nbsp;As of late, there has been growing optimism toward the launch of a spot Bitcoin ETF.&nbsp;Just last week,&nbsp;<a href="https://cryptonews.com/reviews/coinbase/">Coinbase</a>&nbsp;Chief Legal Officer&nbsp;Paul Grewal&nbsp;said that the&nbsp;<a href="https://cryptonews.com/news/coinbase-chief-legal-officer-says-sec-will-approve-bitcoin-etf-soon.htm">SEC will soon approve a spot Bitcoin ETF</a>.<blockquote>"I'm quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law."&nbsp;</blockquote>He highlighted the recent court ruling that dealt a blow to the SEC, stating that the regulator had no grounds to deny Grayscale's bid to convert its GBTC Bitcoin fund into an ETF.&nbsp;
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Bitcoin Dominance Reaches Over 49%, Highest in 2 Years – What’s Going On?

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