After four successive days of gains, the dominance rate increased to 52.72% on Friday, hitting the highest so far in 2023
According to a crypto analyst, Bitcoins (BTC) dominance rate, or share in the overall crypto market, has just set a new 2023 high. Bitcoin dominance remains on a rise, reaching never-before-seen highs in 2023.
Bitcoin dominance has been gaining traction since the beginning of the week. After four successive days of gains, the dominance rate increased to 52.72% on Friday, hitting the highest so far in 2023, as per TradingView data.
The gain corresponds to the bullish breakout seen in June, which indicated the end of long-range action between 38% and 48%.
Bitcoin’s dominance jump coincided with a surge in Bitcoin’s price to the $30,000 level. Bitcoin crossed the $30,000 mark for the first time since July in Friday’s trading, extending weekly gains past 10% against a backdrop of volatile trading across crypto currencies.
Bitcoin briefly $30,000 for the second time this week as investors grew confident that a spot Bitcoin exchange-traded fund would be approved soon. Bitcoin, the world’s biggest crypto currency in terms of market capitalisation, reached $30,022, its highest level since July 2023. It was recently 4.41% higher on the day to $29,708 at one point.
Meanwhile, Coinbase’s chief legal officer, Paul Grewal, said that the firm is sure that a Bitcoin exchange-traded fund in the US will be approved by the U.S. Securities and Exchange Commission (SEC).
He did not say when that may happen, but he did say that any decision would ultimately be up to the Securities and Exchange Commission.
Michael Novogratz, Chief Executive Officer of Galaxy, forecasts that the Securities and Exchange Commission will authorise exchange-traded funds that invest directly in Bitcoin this year.