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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report
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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Bitcoin Dominance Surges To 50% As BlackRock ETF Filing Fuels Investor Confidence

Semilore Faleti
Semilore Faleti
Last Updated: June 11, 2024 8:06 am
3 mins read
Bitcoin

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Bitcoin is again at 50% market dominance, indicating that the cryptocurrency now accounts for half of the total crypto market cap, valued at $1.052 Trillion.

According to data from Tradingview, Bitcoin’s total market dominance crossed above 50% yesterday, June 19, for the first time in months. 

The news of Bitcoin’s renewed dominance has driven much excitement across the crypto community, with many speculating on the reason for such market growth. 

However, one possible reason is the news of prominent global asset manager BlackRock filing for a Bitcoin Exchange Traded Fund (ETF) with the United States Securities and Exchange Commission (SEC). This move appeared to have boosted investors’ confidence upon announcement, causing BTC’s price to surge above $28,000 since last month.

According to data from CoinMarketCap, BTC is currently trading around $27,432.93, with a 3.13% gain in the last day. The token’s daily trading volume is also up by 83.39%, valued at $17 billion. Meanwhile, Bitcoin currently boasts a staggering market cap of $531.54 billion, covering over 50% of the entire crypto market. 

Bitcoin

Bitcoin Market Dominance At 50.63% | Source: Tradingview.com

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BlackRock’s ETF Filling: An Influential Mainstream Move

The news of BlackRock’s Bitcoin ETF filing was seen as a major development in the crypto space drawing several reactions from crypto enthusiasts across the globe. 

Essentially, a Bitcoin exchange-traded fund (ETF) mirrors the fluctuations in Bitcoin’s price, granting investors exposure to the cryptocurrency without requiring direct acquisition. 

The foray of a traditional finance company such as BlackRock, with a valuation of $105.25 billion, into the realm of cryptocurrency carries immense significance.

There is even a belief among some industry figures that this ETF application will be accepted in a “short time” despite the high number of ETF rejections usually dished out by the SEC. This will be the first-ever spot market Bitcoin ETF certified by the SEC if approved. 

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The Promising Prospects of A Bitcoin ETF

Bitcoin has experienced a significant amount of volatility since May 2021. The price of the number one cryptocurrency has fluctuated wildly, reaching an all-time high of over $68,000 before crashing to a low of $26,500.  

A Bitcoin ETF would be good news for investors as it provides an easy, secure, and regulated way to invest in Bitcoin and diversify their portfolios. Furthermore, a Bitcoin ETF will likely attract more institutional investors who were previously hesitant about getting into crypto because of custody and regulatory concerns.

The buzz surrounding the Bitcoin ETF continues to intensify, with additional news emerging that Fidelity Investments, an asset management powerhouse with assets totaling $4.5 trillion, is seeking a regulatory license to provide crypto custody services.

Featured Image: Binance Academy, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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