Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Market Dominance Reaches 3-
Year High—What's That Mean?
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Market Dominance Reaches 3-Year High—What's That Mean?
“The price is climbing toward the midpoint of this range, but it has not yet
established a decisive breakout," one analyst told Decrypt.
By Murtuza Merchant
Oct 17, 2024 Oct 17, 2024
3 min read
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With inflows into Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin spot exchange-traded funds having continued for the
fourth consecutive day, experts say that the rising Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin dominance—along
with record-high open interest and shrinking exchange reserves as
indicators—could signal a potential bull run .
Speaking to Decrypt , experts have highlighted that Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s market dominance
has surged to 58%, its highest level since April 2021, and underscores its
growing strength.
One big factor in the surge has been growing institutional interest. Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
spot ETFs saw $458.5 million in net inflows on October 16, marking four
consecutive days of positive flows.
BlackRock’s (IBIT) ETF accounted for $393 million of the total, while
Fidelity’s FBTC saw inflows worth $14.8 million. While there were no outflows,
Grayscale’s GBTC, Grayscale’s BTC fund, Wisdom Tree’s BTCW and Hashdex’s DEFI
saw no inflows, according to data from SoSo Value.
The total fund inflows in spot Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin ETFs over the last four days now stands
at $1.6 billion.
In the same 4-day period, Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum spot ETFs have added $28.4 million.
Yesterday the funds saw inflows of $24.2 million, with BlackRock’s ETHA raking
in $11.89 million worth of inflows, data shows .
Georgy Slavin-Rudakov, CMO at B2BINPAY, told Decrypt that Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s metrics
signal sustained momentum, though the market remains within a defined range.
“The price is climbing toward the midpoint of this range, but it has not yet
established a decisive breakout, which keeps the door open for potential
declines back to lower levels,” he said.
Despite this, Slavin-Rudakov expects the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin price to break out of its
range by late 2024 or early 2025, driven by strong market dynamics and
investor confidence.
The positive sentiment in the crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта aligns with broader trends
observed in September, according to Binance• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Binance Research.
The total market capitalization for cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта grew by 8% last month,
supported by macroeconomic improvements such as the Federal Reserve’s interest
rate cuts and China’s liquidity injections .
In a note shared with Decrypt , Dary McGovern, Chief Operating Officer of Xapo
Bank said the increased global adoption of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin has helped its market cap
reach $1.3 trillion.
But the so-called digital gold , has a ways to go before it catches up with
actual gold. But McGovern thinks Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin can do it, even though precious metal
currently has a market cap of $18 trillion.
“With the supply of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin capped at 21 million, combined with growing global
demand and increased pressure on the Fed to debase the value of the dollar to
manage debt," he said. "I expect the market cap of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin to eventually
surpass that of Gold, creating significant upside potential from current
prices."
Edited by Stacy Elliott .
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