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Friday, June 21, 2024

Bitcoin loses dominance Because of Ethereum explosion by 21%

Last week eleven Bitcoin spot ETFs started trading. Actually a catalyst for the BTC price. Instead, Ethereum dominates.

The year 2023 was a complete success for the number 1 cryptocurrency. In a year-on-year comparison with classic assets, Bitcoin takes first place. With a performance of around 105 percent, the BTC price has more than doubled within a year.

Ethereum, the second largest cryptocurrency, “only” achieved 65 percent growth over the same period. The classic ETFs – Nasdaq100, DAX or S&P500 have also risen. However, the volatile cryptocurrencies remain in pole position.

Bitcoin dominance is collapsing

BTC dominance is a percentage that represents Bitcoin’s share of the total value of all cryptocurrencies in the market. This dominance has experienced strong turbulence in recent weeks and has now fallen again.

Reason for this: the approval of the Bitcoin Spot ETF. While BTC has fallen, Ethereum (ETH) has surged and grabbed some of the BTC dominance. Meanwhile, hopes are rising among ETH investors that an Ethereum ETF could be approved next in the USA.

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