September 25, 2023

Matrixport: Bitcoin dominance in the cryptocurrency market has reached 50% and will continue to grow

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1 min.

Matrixport: Bitcoin dominance in the cryptocurrency market has reached 50% and will continue to grow

Analysts from a cryptographic software supplierMatrixport services believe that the massive filing of applications to launch spot Bitcoin ETFs is revitalizing the digital asset market and could prove to be a catalyst for growth in the value of BTC.

Head of Research Department MatrixportMarkus Thielen told CoinDeskTV viewers that his staff is seeing a lot of "potential buying pressure on BTC," especially from investors interested in a spot exchange-traded fund offering.

Against this background, the level of Bitcoin dominance atthe overall digital asset market rose to 50.2%, the highest in a month and close to the 26-month high of 52% reached at the end of June.

According to Markus Thielen, the growth driver
Bitcoin's dominance was the filing of an applicationBlackRock to create a BTC spot exchange-traded fund. On the afternoon of September 19, the market value of the first cryptocurrency by capitalization showed growth, and the price exceeded $27,000.

Matrixport: Bitcoin dominance in the cryptocurrency market has reached 50% and will continue to grow

Previously, PayPal co-founder and Lightspark CEO David Marcus does not believe that Bitcoin will become a popular method of paying for purchases.