Bitcoin ETF

Bitcoin

April

Bitcoin’s dominance within the cryptocurrency market has reached a three-year high, signaling strong demand for US spot Bitcoin ETF holding the largest digital asset and a challenging period for<a href="https://www.newsbtc.com/news/bitcoin/bitcoin-halving-price-100000/" target="_blank" rel="noopener "> smaller tokens</a>. 
Bitcoin accounted for nearly 55% of the $2.4 trillion digital asset market at the end of last week, a level not seen since April 2021. On Saturday, in particular, BTC’s dominance jumped to 57% as it briefly touched the $67,000 mark.&nbsp; 
The next largest tokens by market share include <a href="https://www.newsbtc.com/news/ethereum/ceo-throws-cold-water-on-may-ethereum-etf-approval-impact-on-price/" target="_blank" rel="noopener ">Ethereum </a>(ETH), Tether’s USDT stablecoin, Binance exchange’s native token Binance Coin (BNB), and Solana (SOL). 
<h2 id="btc-s-rise-fueled-by-successful-us-bitcoin-etf-launches">BTC’s Rise Fueled By Successful US Bitcoin ETF Launches</h2> 
<a href="https://www.bloomberg.com/news/articles/2024-04-15/bitcoin-btc-share-of-crypto-market-highest-since-2021-partly-on-etfs" target="_blank" rel="noopener nofollow">According </a>to Bloomberg, the recent success of the recently approved US spot Bitcoin ETFs from prominent issuers such as BlackRock and Fidelity Investments has played a significant role in Bitcoin’s rise.&nbsp; 
These ETFs have garnered approximately $56 billion in assets, making their debut one of the most successful in fund category history. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/9nTaX8qN/" alt="Bitcoin " width="1815" height="858"> 
The inflows into these ETFs drove BTC to its current all-time high (ATH) of $73,798 in mid-March, a clear resistance level for the largest cryptocurrency on the market, as evidenced by its inability to consolidate above the $70,000 level following this achievement.&nbsp; 
Although BTC is down about 6% since then, smaller digital assets such as Avalanche (AVAX), Polkadot (DOT), and Chainlink (LINK) have seen more significant declines of nearly 30% over the past month.&nbsp; 
This drop coincided with reduced expectations for <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-halving-roadmap-analyst-outlines-3-phases-for-market-dynamics/" target="_blank" rel="noopener ">looser US monetary policy </a>settings, often fueling speculative gains. 
<h2 id="hong-kong-listed-etfs-boosts-bitcoin-and-ethereum">Hong Kong-Listed ETFs Boosts Bitcoin And Ethereum</h2> 
Institutional investors’ allocations to the US Bitcoin ETF have greatly influenced Bitcoin’s performance relative to the rest of the market. Benjamin Celermajer, director of digital-asset investment at Magnet Capital, noted that strong institutional demand is a key driver. 
On Monday, Bitcoin and Ethereum, the second-largest cryptocurrency, saw notable price jumps following indications that asset managers are preparing to launch Hong <a href="https://www.newsbtc.com/news/spot-bitcoin-ethereum-etfs-approved-hong-kong/" target="_blank" rel="noopener ">Kong-listed ETFs</a> on both tokens. Bitcoin rose 4.3% to $66,575, while ETH jumped 6.2% to $3,260.&nbsp; 
These rallies had a positive impact on the broader crypto market, lifting other notable tokens such as Polygon (MATIC), Cardano (ADA), the dog-themed meme coin Dogecoin (DOGE), and Solana, which is now the top 5 cryptocurrency market winner, up over 8% on Monday. 
Interestingly, the Bloomberg Galaxy Crypto Index, which measures the performance of the largest digital assets traded in US dollars, has more than tripled since the beginning of last year, marking a significant rebound from the bear market experienced in 2022. 
Lastly, investors and traders eagerly anticipate the upcoming <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-to-go-ballistic-after-halving-says-top-analyst/" target="_blank" rel="noopener ">Bitcoin Halving</a>, an event that will cut the new supply of the token in half, expected around April 20th.&nbsp; 
Previous Halving events have acted as a tailwind for prices, although there are growing doubts about whether history will repeat itself given BTC’s recent all-time high achievement.&nbsp; 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/a7wigNjm/" alt="Bitcoin ETF" width="1815" height="858"> 
BTC has successfully maintained its position above the $66,000 threshold and has consolidated in this range. However, it is important to note that losses have accumulated over longer time frames.&nbsp; 
Over the past fourteen and thirty days of trading, the cryptocurrency has experienced significant declines of over 21% and 24% respectively. 
Featured image from Shutterstock, chart from TradingView.com

Increased Bitcoin ETF Adoption Propels BTC Dominance To Highest Level Since 2021

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