Bitcoin

April

BlackRock

Bitcoin (BTC) might have seen a slight decline over the past few weeks but its influence on the market is still on the surge. Data shows that <a href="https://news.todayq.com/why-bitcoin-dominance-matters-more-than-ever/" rel="noopener noreferrer nofollow">Bitcoin dominance</a> in the crypto market has reached a three year high by accounting for nearly 55% of the $2.4 trillion market cap. This surge comes in with a rising demand for spot Bitcoin exchange-traded funds (ETFs).&nbsp; Bitcoin hitting new highs 
According to reports, a surge in Bitcoin dominance is linked to the success of just three month old US spot ETFs. The investment product was launched by major issuers such as BlackRock Inc. and Fidelity Investments, accumulating around $56 billion in assets. The inflows for these ETFs have led the world’s largest crypto to a new all time high (ATH) of record of $73,798.
Meanwhile, Bitcoin recorded a correction lately which dragged its price to drop below the $70k price level. Its price is down by around 9% in the last 7 days. On Monday, both BTC and Ether saw recovery which is driven by indications of upcoming Hong Kong listed ETFs for both tokens.&nbsp;
BTC price jumped by over 4.3% to trade at $66,575, while Ether surged by 6% to reach $3,260. The recent recovery rallies also added to broader market gains. It has helped the tokens such as Polygon, Cardano, and Dogecoin to resume gains.
The world’s biggest crypto has seen quite a bit of fluctuation over the last 7 days as its price trading over $72,000 price level on April 8 went on to drop below $62,000 levels. Bitcoin’s 24 hour trading volume is $42.9 billion. Its total market cap stood at $1.3 trillion. What do experts say? 
Crypto experts are anticipating the upcoming Bitcoin halving which is expected to happen around April 20 and will reduce the new supply of the token by half.&nbsp;
It is important to note that the previous halvings have acted as a tailwind for BTC prices. However, there are growing uncertainties linked to a potential repeat, especially after Bitcoin recently reached a historical peak.
According to asset manager recommendations, the newly launched Bitcoin ETFs have set price targets of $91,000 at the bear market bottom and $650,000 at the bull market top. These projections are considered conservative, with Bitcoin projected to surpass the market capitalization of gold once ETF investors have fully deployed their capital.

Bitcoin dominance hits 3 year high, What’s behind the surge?

Todayq News

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