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Bitcoin’s Share of Crypto Market Highest Since 2021 Partly Due to ETFs

From bnnbloomberg.ca

Bitcoin’s dominance of the crypto sector is at a three-year high, reflecting robust demand for US exchange-traded funds holding the largest digital asset as well as a rocky period for smaller tokens. Bitcoin at the end of last week accounted for almost 55% of the $2.4 trillion market for virtual currencies, a level last seen in April 2021, according to CoinMarketCap data. The next largest by that metric are Ether, stablecoin Tether, the Binance exchange’s native token BNB, and Solana. The batch of three-month-old US spot ETFs from issuers including BlackRock Inc. and Fidelity Investments have amassed about $56 ... (full story)

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  • Category: Fundamental Analysis