Bitcoin’s crypto market dominance rises to 50% and it could go higher, say analysts
FXstreet
19 Sep 2023 6:02 AM
Bitcoin (BTC) has been running in place for the last month – its current price of $26,700 essentially flat from 30 days ago – but its market dominance...
- Bitcoin's price has remained relatively flat over the past month, but its market dominance has been increasing.
- The Bitcoin market dominance rate rose to 50.2%, its highest level in a month and near a 26-month high of 52%.
- This increase in market dominance is attributed to potential buying pressure from ETF listings, while altcoins face risks such as bankruptcies, declining revenues, and upcoming token unlocks.
- Bitcoin may benefit from regulatory changes proposed by the New York Department of Financial Services, which could lead to further rotation into BTC as a "safe" crypto asset.
The overall sentiment of the article is neutral. It discusses the market dominance of Bitcoin and the potential benefits and risks associated with it.
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What is the current market dominance of Bitcoin?What factors have contributed to the increase in Bitcoin's market dominance?What risks do altcoins face in the cryptocurrency market?How might Bitcoin benefit from regulatory changes proposed by the New York Department of Financial Services?Why is Bitcoin considered a "safe" crypto asset compared to altcoins?