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According to Will Clemente, a crypto analyst, Bitcoins (BTC) dominance rate, or share in the whole crypto market, has just set a new 2023 high. BTC dominance remains on an ascent, reaching never-before-seen highs in 2023.
Bitcoin dominance has been gaining traction since the week’s start. After four consecutive days of straight gains, the dominance rate rose to 52.72% on Friday, reaching the highest so far in the year, according to TradingView data.
The rise corresponds to the bullish breakout witnessed in June, which signaled the end of long-range action between 38% and 48%.
Bitcoin’s (BTC) dominance surge coincided with a jump in Bitcoin’s price to the $30,000 mark. Bitcoin surpassed $30,000 for the first time since July in Friday’s trading, extending weekly gains beyond 10% against a backdrop of volatility trading across cryptocurrencies.
Bitcoin briefly surpassed $30,000 for the second time this week as investors grew confident that a spot bitcoin ETF would be approved soon. Bitcoin, the largest cryptocurrency by market capitalization, reached $30,022, its highest level since July 23. It was recently up 4.41% on the day to $29,708 at the time of writing.
Bitcoin spot ETF approval looms
Coinbase’s chief legal officer, Paul Grewal, told CNBC that the company is sure that a Bitcoin exchange-traded fund in the United States will be approved by the Securities and Exchange Commission (SEC).
He did not say when that may happen, but he did say that any decision would ultimately be up to the SEC.
Michael Novogratz, CEO of Galaxy, predicts that the U.S. Securities and Exchange Commission will authorize exchange-traded funds that invest directly in Bitcoin this year.
In a bout of positivity, CryptoQuant, a blockchain analytics start-up, forecasts that Bitcoin spot ETFs could increase the market size by $1 trillion.