Bitcoin’s dominance has seen it gain 51 percent of the total crypto market valuation despite its recent rally above $28k struggling amid short-term market uncertainty due to economic geopolitics conundrums.
Amid the global shift in economic outlook initiated by the BRICS alliance, Bitcoin (B T c) has been identified as an important means of protecting against hyperinflation. However, the Bitcoin price has struggled to rise above $28k over the past few days as the native coin retested around $26.9k over the past 24 hours. According to the latest market data provided via CoinGecko and Tradingview, the price of Bitcoin was trading at around $27k during early Asian market trading on Wednesday, down about 4 percent from Monday.
Nonetheless, despite high demand from institutional investors, the top coin is consolidating between $31.8k and $24.8k in April this year. For example, more than ten fund managers in the United States have filed with the Securities and Exchange Commission (seconds) to offer spot Bitcoin ETF. With Grayscale Investments’ recent victory over the SEC on its bid to convert GBTC into a spot Bitcoin ETF, experts believe that the agency will process all applications in six months to avoid any applicant getting a step ahead of the others. Can approve.
Bitcoin dominates Altcoins
As the price of Bitcoin continued to rise into higher time frames, most altcoins moved lower with a higher risk of further capitulation. According to market aggregate data provided by CoinGlass, most long traders were liquidated in the crypto industry. Meanwhile, Bitcoin dominance has increased from a recent low of about 49 percent to about 51 percent on Wednesday. This follows notable altcoin unlocks scheduled in the coming days, including Aptos (APT) and ApeCoin (APE).
For example, Aptos holders are expected to unlock 4.54 million APT tokens worth approximately $21.9 million later today. As a result, approximately 18 percent of Aptos tokens have been unlocked. In five days, approximately 15.6 million APE tokens worth approximately $16.01 million will be unlocked, so 54 percent of the total supply has already been unlocked.
The significant inflation of the altcoin market has a huge impact on the underlying market value, especially now that uncertainty remains.
The bullish trend continues in the stock market
Amidst the increasing demand for Generative Artificial Intelligence (aye) products, US stock indices hit higher levels in the last 24 hours. For example, the Dow Jones Industrial Average was up 0.4 percent on Wednesday, trading around 33,739.30. Similarly, Nasdaq Composite Index and S&P 500 Index are trading at 13,562.84 and 4,358.24, up about 0.5 per cent, respectively. Meanwhile, both crypto and stock traders are expecting higher volatility between US CPI, PPI and FOMC meeting minutes.
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