The majority of crypto markets have experienced appreciation in the last 24 hours with bitcoin increasingly dominating the crypto market and a potential spot bitcoin ETF of up to US$1 trillion.
Referring to CoinMarketCap on Thursday (26/10/2023) at 06.58 WIB, the majority of the crypto market experienced appreciation. Bitcoin rose 1.80% to US$34,494.22 and weekly flew 21.76%.
Ethereum edged up 0.19% in the last 24 hours and in the last seven days jumped 14.27%.
Solana jumped 7.72% on a daily basis followed by a weekly climb of 38.57%.
However, this is different with BNB which was in the negative zone of 1.46% in the last 24 hours even though it was still up 5.48% on a weekly basis.
The CoinDesk Market Index (CMI), which is an index for measuring the market capitalization-weighted performance of the digital asset market, rose 1.17% to 1,370.09. Open interest appreciated 2.59% at US$29.41 billion.
Meanwhile, as reported by Alternative.me, the bitcoin fear & greed index was recorded at position 71, which is in the greed category or slightly lower compared to yesterday (25/10/2023) which was at number 72 in the greed category too.
Meanwhile, the fear & greed index reported by coinmarketcap.com shows the number 71, which shows that the market is in the greed/optimistic phase with the current economic conditions and crypto industry.
Reporting from coindesk.com, Bitcoin (BTC) market share of all cryptocurrencies rose to a new 30-month high on Wednesday (25/10/2023) as BTC continued to beat most altcoins or alternative cryptocurrencies (altcoins).
BTC's dominance rate, which measures the market capitalization of the largest crypto assets compared to the digital asset market as a whole, jumped to 54.4%, the highest since the raging bull market in April 2021.
BTC's increasing dominance can be explained by crypto market cycles and bitcoin's appeal as a less risky asset than altcoins, including the second-largest cryptocurrency ether (ETH), according to Noelle Acheson, market analyst and author of the Crypto Is Macro Now newsletter.
"Bitcoin tends to lead the crypto market early in the cycle, only losing dominance as investors feel more comfortable riding out the risk curve and smaller tokens take over performance," Acheson said on Wednesday.
Bitcoin's rally above US$30,000 came amid news of BlackRock's filing for a spot BTC ETF in the US.
That narrative still prevails in the investment landscape for digital assets, as observers consider approval from the US Securities and Exchange Commission (SEC) to be almost certain, which could trigger a new wave of demand for such assets.
For information, BlackRock has registered a bitcoin exchange-traded fund (ETF) in the Depository Trust & Clearing Corp database. (DTCC) with the ticker $IBTC. Blackrock also updated its filing with the SEC, indicating readiness to seed the ETF starting in October 2023.
DTCC provides post-trade clearance, settlement, custody and information services for Nasdaq, and many industry observers interpreted the initial appearance of BlackRock's iShares Bitcoin Trust fund on the list as a sign that potential approval from the US Securities and Exchange Commission (SEC) may be one step closer. As a result, the crypto market flew significantly.
Referring to cointelegraph.com, analysts continue to speculate about the influence of the approval of a Bitcoin ETF on the price of BTC. According to reports, the agreement could generate new demand of US$600 billion. CryptoQuant analysts believe that the ETF approval will result in an increase in Bitcoin's market capitalization by US$1 trillion.
On October 24, Galaxy Digital released a report showing that when a Bitcoin ETF is approved, BTC could see inflows of at least $14.4 billion in the first year, and grow to $38.6 billion in the third year. The fund also estimates a 74% price increase in the first year after the launch of the spot BTC ETF.
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