As a seasoned researcher with a decade of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the latest surge in Bitcoin’s market dominance. With Bitcoin’s dominance peaking at 57.6% and reaching its highest level since April 2021, it’s hard not to feel a sense of deja vu. I remember when Ethereum was the rising star, promising to dethrone Bitcoin as the king of cryptocurrencies. But here we are again, with Bitcoin reigning supreme.
According to data from TradingView, Bitcoin‘s control over the cryptocurrency market has recently surpassed 57%.
On Aug. 25, it peaked at 57.6%, coming close to reaching a new 2024 peak.
Earlier this month, Bitcoin dominance surged to 57.7% reaching its highest level since April 2021.
Despite the recent introduction of U.S. spot ETFs for Ethereum, it’s still playing catch-up compared to the dominant cryptocurrency, Bitcoin.
According to a report from U.Today, crypto expert Tuur Demeester has forecasted that the value of Ethereum (ETH) in terms of Bitcoin (BTC) might plummet to around 0.03 BTC.
The dominance of Bitcoin has increased by 11% since the beginning of this year. It attained its current maximum level in March, however, it has subsequently experienced a slight decline in its gains.
As an analyst, I’m observing that Bitcoin has bounced back into ‘greed’ territory following a rapid recovery from a severe dip it experienced just this month.
As of August 26th, the Fear & Greed index stands at 55 out of 100. To put it into perspective, only a few weeks prior, the cryptocurrency market was characterized by “extreme greed” due to a significant price plunge.
Over the last seven days, Bitcoin spot ETFs experienced a total investment of approximately $506 million. Most of this money, around $318 million, was contributed by BlackRock’s IBIT account. As a result, the combined value of these products is now approximately $58.4 billion.
As a seasoned investor with over a decade of experience in the financial markets, I have learned to keep a close eye on macroeconomic data releases, especially those related to inflation. This week, I am closely monitoring the upcoming release of the core PCE index for July in the United States, as it could significantly impact Bitcoin’s volatility. In my career, I have witnessed firsthand how unexpected changes in inflation can cause rapid shifts in asset prices, and I will be ready to react accordingly if the data surprises the market.
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2024-08-26 11:26