In the tumultuous backdrop of the crypto market, an imposing figure is reasserting itself with force. Bitcoin (BTC), the pioneering cryptocurrency, is back on top, with a market capitalization once again exceeding 50%. A symbolic level not reached since May 2021.
The latest news points to a rise in the Bitcoin price, currently standing at around $27,000. Bitcoin’s rise is not without consequences for other cryptocurrencies, which are either stagnating or experiencing declines.
Bitcoin, 50% market share!
Meanwhile, Ethereum (ETH) remains relatively stable at around $1,734 on the Binance platform. However, altcoins continue to lag behind, unable to match Bitcoin’s renewed vigour.
The unexpected application for a Bitcoin ETF, filed with the Securities and Exchange Commission (SEC) by investment giant BlackRock, has sent shockwaves through the industry. If approved, the application could attract billions of dollars to the crypto market and cause Bitcoin’s price to rise dramatically.
Ironically, this request comes as the SEC recently filed lawsuits against crypto exchanges Binance and Coinbase. Despite repeated attacks by the US regulator, the resilience of the Bitcoin price remains intact, pointing to renewed optimism among investors.
Bitcoin’s growing dominance of the crypto market is a phenomenon to be watched closely. Crossing the symbolic 50% market share threshold marks a significant turning point. Altcoins are hoping that this trend will pave the way for a period of prosperity for the entire market.
Bitcoin is currently trading at around $26,816, having reached $27,180 overnight.