{"id":603322,"date":"2024-04-15T18:30:36","date_gmt":"2024-04-15T18:30:36","guid":{"rendered":"https:\/\/uniquehot.com\/?p=603322"},"modified":"2024-06-11T08:17:24","modified_gmt":"2024-06-11T08:17:24","slug":"increased-bitcoin-etf-adoption-propels-btc-dominance-to-highest-level-since-2021","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/increased-bitcoin-etf-adoption-propels-btc-dominance-to-highest-level-since-2021\/","title":{"rendered":"Increased Bitcoin ETF Adoption Propels BTC Dominance To Highest Level Since 2021"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin&#8217;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<\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-halving-price-100000\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\"> smaller tokens<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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&#8217;s dominance jumped to 57% as it briefly touched the $67,000 mark.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The next largest tokens by market share include <\/span><a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ceo-throws-cold-water-on-may-ethereum-etf-approval-impact-on-price\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Ethereum <\/span><\/a><span style=\"font-weight: 400\">(ETH), Tether&#8217;s USDT stablecoin, Binance exchange&#8217;s native token Binance Coin (BNB), and Solana (SOL).<\/span><\/p>\n<h2><span style=\"font-weight: 400\">BTC\u2019s Rise Fueled By Successful US Bitcoin ETF Launches<\/span><\/h2>\n<p><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\"><span style=\"font-weight: 400\">According <\/span><\/a><span style=\"font-weight: 400\">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&#8217;s rise.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">These ETFs have garnered approximately $56 billion in assets, making their debut one of the most successful in fund category history.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/xrp-poised-for-takeoff-analysts-predict-huge-gains-after-bitcoin-halving\/\" target=\"_blank\" rel=\"noopener \">XRP Poised For Takeoff: Analysts Predict Huge Gains After Bitcoin Halving<\/a><\/div>\n<figure style=\"width: 1815px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/9nTaX8qN\/\" alt=\"Bitcoin \" width=\"1815\" height=\"858\"><figcaption class=\"wp-caption-text\">BTC&#8217;s dominance chart shows its three-year high of 57% reached on Saturday. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">BTC.D on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This drop coincided with reduced expectations for <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-halving-roadmap-analyst-outlines-3-phases-for-market-dynamics\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">looser US monetary policy <\/span><\/a><span style=\"font-weight: 400\">settings, often fueling speculative gains.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Hong Kong-Listed ETFs Boosts Bitcoin And Ethereum<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Institutional investors&#8217; allocations to the US Bitcoin ETF have greatly influenced Bitcoin&#8217;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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">On Monday, Bitcoin and Ethereum, the second-largest cryptocurrency, saw notable price jumps following indications that asset managers are preparing to launch Hong <\/span><a href=\"https:\/\/uniquehot.com\/news\/spot-bitcoin-ethereum-etfs-approved-hong-kong\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Kong-listed ETFs<\/span><\/a><span style=\"font-weight: 400\"> on both tokens. Bitcoin rose 4.3% to $66,575, while ETH jumped 6.2% to $3,260.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shiba-inu-insider-top-5-shibarium-investment-rules\/\" target=\"_blank\" rel=\"noopener \">Shiba Inu Insider Reveals Top 5 Shibarium Investment Rules<\/a><\/div>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Lastly, investors and traders eagerly anticipate the upcoming <\/span><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-to-go-ballistic-after-halving-says-top-analyst\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Bitcoin Halving<\/span><\/a><span style=\"font-weight: 400\">, an event that will cut the new supply of the token in half, expected around April 20th.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Previous Halving events have acted as a tailwind for prices, although there are growing doubts about whether history will repeat itself given BTC&#8217;s recent all-time high achievement.\u00a0<\/span><\/p>\n<figure style=\"width: 1815px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/a7wigNjm\/\" alt=\"Bitcoin ETF\" width=\"1815\" height=\"858\"><figcaption class=\"wp-caption-text\">The 1-D chart shows BTC&#8217;s price consolidation above the $66,000 mark. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Over the past fourteen and thirty days of trading, the cryptocurrency has experienced significant declines of over 21% and 24% respectively.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from Shutterstock, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;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&#8217;s dominance jumped to 57% as it briefly touched the $67,000 mark.\u00a0 The next largest tokens by market share include Ethereum (ETH), Tether&#8217;s USDT stablecoin, Binance exchange&#8217;s native token Binance Coin (BNB), and Solana (SOL). BTC\u2019s 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&#8217;s rise.\u00a0 These ETFs have garnered approximately $56 billion in assets, making their debut one of the most successful in fund category history. Related Reading: XRP Poised For Takeoff: Analysts Predict Huge Gains After Bitcoin Halving 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.\u00a0 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.\u00a0 This drop coincided with reduced expectations for looser US monetary policy settings, often fueling speculative gains. Hong Kong-Listed ETFs Boosts Bitcoin And Ethereum Institutional investors&#8217; allocations to the US Bitcoin ETF have greatly influenced Bitcoin&#8217;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 Kong-listed ETFs on both tokens. Bitcoin rose 4.3% to $66,575, while ETH jumped 6.2% to $3,260.\u00a0 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. Related Reading: Shiba Inu Insider Reveals Top 5 Shibarium Investment Rules 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 Bitcoin Halving, an event that will cut the new supply of the token in half, expected around April 20th.\u00a0 Previous Halving events have acted as a tailwind for prices, although there are growing doubts about whether history will repeat itself given BTC&#8217;s recent all-time high achievement.\u00a0 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.\u00a0 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<\/p>\n","protected":false},"author":589,"featured_media":603323,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,485,13510,532,92044,91472,90555,91160,9960,656,679,768,1119,1144,8390,78790,6664,1558,8323,1946],"class_list":["post-603322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-dominance","tag-bitcoin-etf","tag-bitcoin-etf-hong-kong","tag-bitcoin-etf-inflows","tag-bitcoin-etf-news","tag-bitcoin-etf-rally","tag-bitcoin-etfs","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-trading","tag-btc","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-cryptocurrency","tag-eth","tag-ethereum"],"acf":[],"yoast_head":"\n<title>Increased Bitcoin ETF 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