Benzinga - Bitcoin’s (CRYPTO: BTC) share of the total digital asset market has surpassed 50% as risks strengthen in the rest of the crypto sector, CoinDesk reported.
Bitcoin market dominance rate reached a robust 50.2% on Monday, marking its highest level in a month and nearing a 26-month peak of 52%. This comes despite the cryptocurrency’s price remaining virtually stagnant over the past month, currently at $26,700.
Bitcoin’s dominance range had been fluctuating between 39% and 49% for over two years before it spiraled to 52% in June. This surge was triggered by asset manager BlackRock‘s filing for a spot BTC exchange-traded fund (ETF), instigating hopes of massive inflows into the asset.
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Research head at crypto services provider Matrixport, Markus Thielen, notes potential buying pressure from ETF listings as a contributing factor to BTC’s rise. However, he warns that altcoins may be on the verge of a downward shift due to risks including token sales, declining revenues, and upcoming token unlocks.
Macroeconomic analyst Noelle Acheson suggests that proposed regulatory changes by the New York Department of Financial Services (NYFDS) could further consolidate BTC’s status as a safe crypto asset, potentially causing a market shift in its favor.
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