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Bitcoin Dominance Level Reaches Highest Point Since April 2021, Surpassing 50%

On Tuesday, the price of the world’s largest cryptocurrency surged to $31,371, driven by heightened optimism.‌

Major cryptocurrencies traded mixed on Tuesday evening as the Bitcoin dominance level reached its highest point since April 2021, surpassing 50%. At the time of publishing, BTC dominance hovered at 49.51%, according to CoinMarketCap data.

On Tuesday, the price of the world’s largest cryptocurrency surged to $31,371, reaching its highest level since June 2022. This increase was driven by heightened optimism surrounding the spot Bitcoin exchange-traded fund (ETF) applications filed by influential Wall Street players, including Blackrock.

At the time of writing, the global crypto market capitalization stood at $1.21 trillion, a decrease of 1.18% over the last day. 

U.S. stock futures showed minimal movement on Tuesday night as Wall Street prepares to start a truncated week after the Fourth of July holiday. S&P 500 and Nasdaq 100 futures saw slight declines of 0.07% and 0.14%, respectively.

According to crypto analyst Michael Van de Poppe, “If history repeats, then we’re close to the top on the Bitcoin dominance.”

Pseudonymous crypto analyst Inmortal said Solana’s price movement appears to resemble that of Ethereum before it experienced a significant surge from $400 to nearly $5,000 over a few months.

Based on Inmortal’s chart, he suggests Solana could soon skyrocket back to all-time highs and beyond after breaching the resistance of $60, similar to ETH hitting $400 in late 2020 before its explosion to new highs.

On-chain analytics firm, Santiment, has noted the increased focus on Bitcoin, as it continues to dominate the price market in 2023. However, the firm noted that it is equally important to pay attention to other cryptocurrencies such as ETH, ADA, XRP, BNB.


© 2023 Zenger Zenger News does not provide investment advice. All rights reserved.

Produced in association with Benzinga

Edited by Arnab Nandy

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