Ethereum

Bitcoin ETF

Bitcoin

Bitcoin’s (BTC) price is seeing a slip in its overall dominance amid an encompassing rally in the broader digital currency ecosystem with altcoins seeing encompassing valuation boosts.
<h2 id="strong-bitcoin-dominance-and-market-liquidity-strong">Bitcoin Dominance and Market Liquidity</h2>
According to data from crypto analytics platform IntoTheBlock (ITB), Bitcoin dominance is pegged at 48% amid a recent rally to an <a href="https://coingape.com/breaking-bitcoin-btc-price-breaches-70000-ath/" rel="noopener noreferrer nofollow">All-Time High</a> (ATH) of $72,850.71 that pushed its market capitalization above $1,425,765,296,329.
The IntoTheBlock data pegs Ethereum dominance at 17% amid the altcoin’s momentum push to retest its ATH of $4,891.70. Stablecoins saw a 5% dominance boost while other digital currencies profiled on the platform held the remaining 30% dominance sway.
Despite the massive Bitcoin dominance, the cryptocurrency has lost its gait a bit in the market with a slip from 50% benchmark. The market’s growth underscores how liquidity is spreading to other altcoins in the industry. According to data insights shared by analytics platform CryptoQuant, the crypto market liquidity marked by stablecoin valuation surged to its ATH.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Crypto Market Liquidity Surges, Surpasses All-Time High
 “The increase in stablecoin supply can indicate purchase demand not only for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> but also for other coins, and to that extent, the current market atmosphere can be interpreted as positive.” –&nbsp;By <a href="https://twitter.com/DanCoinInvestor?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@DanCoinInvestor</a>
 Link… <a href="https://t.co/mSzvkmbOog" rel="noopener noreferrer nofollow">pic.twitter.com/mSzvkmbOog</a>
 — CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1767273084791263544?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 11, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Per the data presented, the circulating supply of all Ethereum stablecoins comes in at 76,150,161,366.21, up by 0.44% over the past week. As explained by CryptoQuant researchers, the increase in the stablecoin supply indicates a bump in not just liquidity to purchase Bitcoin but for other altcoins as well.&nbsp;
Per the current outlook in the market, the CryptoQuant analysis pegs the overall outlook in the market as a positive one that might boost valuations across the board.
<h2 id="strong-multiple-growth-catalysts-bitcoin-and-ethereum-strong">Multiple Growth Catalysts – Bitcoin and Ethereum</h2>
The Bitcoin valuation adjustment in relation to Ethereum over the coming weeks judging by how investors adapt the upgrades and events within both asset’s ecosystems.
The Bitcoin market is expecting the sustained capital inflow into the <a href="https://coingape.com/spot-bitcoin-etf-heres-total-btc-bought-by-big-4-issuers-this-week/" rel="noopener noreferrer nofollow">spot BTC ETF</a> products, the investment asset that has been stirring a massive growth through supply crunch. The Bitcoin halving event is also slated for the next 36 days, an event that will reduce Bitcoin’s supply by 50%, further complementing the spot Bitcoin ETF liquidity crunch and likely push price higher.
For Ethereum, there is less than 48 hours to the launch of the <a href="https://coingape.com/ethereum-dencun-upgrade-heres-projected-cost-on-l2s-post-launch/" rel="noopener noreferrer nofollow">Dencun Upgrade</a> on the mainnet. This upgrade will result in a massive fee slash on top Ethereum Layer-2 platforms like Arbitrum and Base. With the slash, the adoption of protocols resident on Ethereum are bound to grow, placing enormous demand on the coin overall.
While the likely approval of spot Ethereum ETF remains a divisive subject at this time, the most important ETH fundamental hinges on the Dencun Upgrade. The bull market is considered to just be starting and will likely stir BTC and ETH price from their current levels at $72,572.56 and $4,060.83 to new highs.
The post <a href="https://coingape.com/bitcoin-btc-dominance-slips-below-50-as-market-liquidity-hits-ath/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Dominance Slips Below 50% as Market Liquidity Hits ATH</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin (BTC) Dominance Slips Below 50% as Market Liquidity Hits ATH

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