The cryptocurrency market has continued to stay resilient in the last seven days. Bitcoin has stayed above $30,000 and Ethereum above $1,800. According to data from CoinMarketCap, the overall crypto market cap was $1.2 trillion on Friday up from $1.1 trillion last week.
Interestingly, Bitcoin’s market dominance is the highest in the last two years.
“Bitcoin’s market cap dominance has soared above 58 per cent, its highest level since 2021. This means that Bitcoin now accounts for more than half of the total market capitalisation of all crypto markets,” the research team of crypto exchange CoinDCX told Business Standard.
They attributed the surge to a number of factors, including the recent decline in altcoin prices and the growing interest from institutional investors like BlackRock and Fidelity filing with the US SEC to launch spot Bitcoin Exchange Traded Funds (ETFs).
Recently, business intelligence and software company, Microstrategy also has expanded its bitcoin holdings by purchasing additional 12,333 bitcoins for about $347 million, boosting the market’s morale.
Parth Chaturvedi, Investments lead at CoinSwitch Ventures said, “There was also a regulatory win for the sector, as UK’s legislative bodies finally passed bills to regulate crypto and stablecoins as financial activity in the country, with the King providing the final approval to the new laws.”
The Financial Services and Markets Act 2023, has been passed into law after the assent of the King of England. It aims to provide a regulatory framework to the industry and follows the Markets in Crypto Assets (MiCA) Act.
“By establishing clear rules and guidelines, it promotes a more secure and transparent environment for crypto-related activities, attracting greater participation from investors and businesses in the UK,” said Edul Patel, co-founder and chief executive officer (CEO) of crypto platform Mudrex.
Bitcoin faces immediate resistance at the $30,750 level, while its support is established at $30,420,” Patel added.
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