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Why Bitcoin Could Extend Its Market Dominance As It Approaches $60K

Why Bitcoin Could Extend Its Market Dominance As It Approaches $60K


NewsBTC
2021-10-14 18:00:07
Why Bitcoin Could Extend Its Market Dominance As It Approaches $60K

Bitcoin is moving with conviction to the $60,000 area. At the time of writing, BTC’s price trades at $57,681 with a 4% profit in the weekly and daily charts. The general sentiment in the market remains bullish as Bitcoin has been able to shake off the bears over the past days. Traders and savvy investors have called BTC’s recent price action the beginning of the “Bitcoin Season”. Related Reading | TA: Bitcoin Starts Fresh Rally To $60K, What Could Fuel More Upsides During this period, BTC takes over the spotlight and rallies absorbing capital from other cryptocurrencies. As a consequence, the Bitcoin Dominance trends to the upside as it has since mid-September standing at a 44.65% of the entire crypto market. This metric stands far from its pre-crash levels but could continue to increase in the coming days suggesting more appreciation for Bitcoin. In a report QCP Capital emphasized the importance of a potential BTC-based Exchange Traded Fund (ETF) in the United States. This event is most likely driven the current bullish price action impacting the crypto market. The U.S. Securities and Exchange Commission (SEC) has postponed the decision to approve or reject, their usual decision in the past, a Bitcoin ETF until next week. The market seems to be positioning towards an approval on the back of certain statements made by the SEC Chair Gary Gensler. The regulator claimed that it’ll be more inclined to approve a Bitcoin ETF ba...

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