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 smaller tokens.
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.
The next largest tokens by market share include Ethereum (ETH), Tether’s USDT stablecoin, Binance exchange’s native token Binance Coin (BNB), and Solana (SOL).
BTC’s Rise Fueled By Successful US Bitcoin ETF Launches
According 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.
These ETFs have garnered approximately $56 billion in assets, making their debut one of the most successful
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