The price of Bitcoin has formed a new support level at $30000, as digital currencies have continued to grow for a week despite their increasing dominanceAfter continuing to rebound last week, the price of Bitcoin (BTC) has retested at a level of $30000. The transaction price of Bitcoin is $30135, which has increased by 1
The price of Bitcoin has formed a new support level at $30000, as digital currencies have continued to grow for a week despite their increasing dominance
After continuing to rebound last week, the price of Bitcoin (BTC) has retested at a level of $30000. The transaction price of Bitcoin is $30135, which has increased by 1.47% as of the time of writing this article. This growth highlights the performance of the major token over the past week, with an increase of 11.91%.
Bitcoin's dominant position reaches a three-year high
Although Bitcoin remains the most eye-catching digital currency in the market, counterfeit currencies led by Ethereum (ETH) have also seen impressive gains in recent years. However, as prices continue to rise, Bitcoin has regained its lost market dominance, breaking the average threshold and expanding its share to 51.5% at the time of writing.
This dominant figure is the highest record in three years for Bitcoin. At the beginning of this year, with a significant increase in Ethereum's share, Bitcoin's dominant position dropped to 38%. Since January, Bitcoin has performed better in its dominant position during the year to date (YTD) period.
The growing dominance of Bitcoin clearly remains positive among investors, leveraging the enthusiasm of the Ripple ecosystem after a legal victory with the US Securities and Exchange Commission (SEC). Earlier this week, regulatory authorities rejected lawsuits against two executives, Brad Garlinghouse and Chris Larsen, ending nearly three years of litigation.
Although XRP is the main beneficiary of this trend, Bitcoin has also maintained its luster in the positive outlook of the market, as Ripple's victory is considered a victory for everyone.
Triggering Factors for Bitcoin Price Growth
People's interest in special currency has also been sparked by the growing expectation of spot ETFs being approved. According to multiple predictions, the SEC may approve Bitcoin spot ETF products by the end of this year or up to 2024.
Due to market regulatory authorities refusing to appeal the court's ruling in a lawsuit by Gray Investment Company attempting to convert its Bitcoin trust into a spot ETF, many remain optimistic that the committee may have come to an end as it involves approving spot Bitcoin ETFs.
The upcoming Bitcoin halving event is also another potential trigger factor, helping digital currencies return to their high dominance.
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