The dominance index of the first cryptocurrency reached 51.1%, approaching the levels of April 2021. This is evidenced by TradingView data.
BTC.D reached comparable levels in June of this year, but quickly corrected.
According to CoinGecko, at the time of writing, digital gold is trading at $27,100—the asset is up 66% so far in 2023. The total capitalization of the coin reaches $528.8 billion.
Its closest competitor in terms of market capitalization, Ethereum, increased by only 32% over the same period. The asset price is $1554.
Over the past week, Bitcoin has been drifting in a flat, showing extremely low volatility. Most altcoins remain in the red zone.
Deutsche Digital Assets head of research Andre Dragos told The Block that Ethereum’s underperformance is due to “lukewarm reception” of recently launched ETFs based on the second-largest cryptocurrency.
“Collectively, Ethereum ETPs attracted only a modest plus $900,000 in net capital last week, despite the debut of new ETFs. For comparison, the inflow into Bitcoin ETP amounted to $85.4 million,” Dragos added.
Earlier, a CryptoQuant analyst under the nickname Maartunn said that the Bitcoin rate would expect a “significant rise” if it consolidates above $27,900. The level coincides with the MVRV indicator in relation to short-term market participants.
Recall that in September, SkyBridge Capital founder Anthony Scaramucci predicted a bull decade for the first cryptocurrency. The investor suggested that the worst of the current bear market is behind us.
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