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- Bitcoin (BTC) is outperforming a majority of altcoins, pushing its market share to its highest level since April 2021.
- BTC has been riding on speculation that the SEC is ready to approve the first Bitcoin spot ETF which will attract billions of dollars to the digital asset.
Bitcoin (BTC) is leaving Ethereum (ETH), decentralized finance (DeFi), and a majority of altcoins in the dust. Since the start of the week, BTC is outperforming the rest of the crypto market. Earlier in the week, the digital asset rallied as high as $30,000 fueled by a Bitcoin spot ETF frenzy.
A leading news media had reported that the U.S. Securities and Exchange Commission (SEC) had approved BlackRock’s Bitcoin spot ETF application. As it turned out, this was not true. However, during the time the news floated, BTC had managed to rally from a little under $27,000 to a high of $30,000. This was a demonstration of the demand for the product in the market.
Interestingly, despite the news being debunked, BTC has managed to maintain some of its recent gains. This might be due to the fact that market experts and investors believe that the approval of a Bitcoin spot ETH is imminent. To be approved late in 2023 or early 2024, experts have further been predicting its effect on the market. Bloomberg’s Senior ETF Analyst, Eric Balchunas, projects that BlackRock’s Spot Bitcoin ETF could potentially unleash a monumental $30 trillion from financial advisors into the crypto market.
Although BTC was able to pull the rest of the market, it remains the top performer. Owing to its performance, investors have been switching from altcoins to the largest digital asset in the world. This has led to an increase in its market share which now stands at 50. 9 percent. For context, the next most popular coin is Ethereum with a 17.5 percent market share. This is the highest market share rise for BTC since April 2021, signaling a shift in focus for crypto traders and investors.
Bitcoin (BTC) Price Update
At the time of press, BTC is trading for $28,380 after gaining nearly 5 percent in the last 7 days. ETH on the other hand has recorded a less than 1 percent change in the last 7 days and is trading for $1,580. A look at the top ten cryptocurrencies by market share, the next best performer after BTC is Tron (TRX) with a 3 percent increase in the last 7 days.
Adding to the interest in BTC in comparison to other cryptocurrencies, is the upcoming halving. Scheduled for April 2024, experts agree that this will be a hugely bullish event. Driven by hype and FOMO, the digital asset tends to rally weeks to the halving (pre-halving), during, and months after halving (post-halving). As CNF has reported, experts expect BTC to end 2024 anywhere between $45,000 to $250,000.
