Bitcoin is now firmly in control of the cryptocurrency market, accounting for 73% of the total market share, a 6% increase in 2024 alone, according to analytics from Bitcoin.
Investors have been steadily shifting from Ethereum to Bitcoin, driving the ETH/BTC ratio to its lowest point since April 2021.
While Ethereum has only seen a modest 0.2% increase since January, Bitcoin has surged by 43% this year, reinforcing its dominance. Stablecoins, particularly USDT, are also seeing growth. USDT’s market cap hit an all-time high of $118 billion, and USDC has expanded from $24 billion to $35 billion, pushing stablecoins’ market share from 7% to 10%. These gains reflect growing confidence in the broader crypto market despite the relatively slow pace overall.
https://twitter.com/PinnacleCrypt/status/1838567831140470987?t=ZA4ovImRDyMczkOA6wwIPQ&s=19
Bitcoin is now testing its 200-day simple moving average (SMA) for the third time since August, and a breakout at this level could serve as a major bullish indicator.
#Bitcoin is testing the 200D-SMA for the third time since August. A breakout here could be a major bullish signal! pic.twitter.com/Y7XVMBVxN5
— Ali (@ali_charts) September 24, 2024
If Bitcoin follows historical cycles, we may see a market top by October 2025. Some analysts suggest that if Bitcoin’s Long-Term Power Law remains accurate, the next peak could push the price to an astounding $400,000.
If this #Bitcoin cycle follows the last two, we could see a market top in about a year, around October 2025! pic.twitter.com/JJGpRcHbOA
— Ali (@ali_charts) September 24, 2024
If the #Bitcoin Long-Term Power Law holds true, the next market top might hit around $400,000! pic.twitter.com/yuQbKNMefU
— Ali (@ali_charts) September 24, 2024
Whales Continue Acquiring Bitcoin BTC
In line with this bullish sentiment, large-scale investors, known as whales, have been accumulating Bitcoin. In the past 12 hours alone, two whales have withdrawn a total of 3,463 BTC (worth $219 million) from Binance.
Whales are accumulating $BTC!
2 whales have withdrawn 3,463 $BTC($219M) from #Binance in the past 12 hours!
Address:
bc1q57rcscs6ztj0xnslwkt4nervxkpen07h9h2jnr2hkwlg3lwuljrsdwt2m2
12993NM9fV8dSSQgbWDZSBVgqtPw4DaAXS pic.twitter.com/Ux4YXKrZ20— Lookonchain (@lookonchain) September 24, 2024
On the institutional front, Bitcoin spot ETFs are also gaining traction. On September 23, Bitcoin ETFs saw a net inflow of $4.56 million. While Grayscale’s GBTC reported outflows of $40.33 million, Fidelity’s FBTC and BlackRock’s IBIT attracted inflows of $24.93 million and $11.54 million, respectively, signaling growing institutional interest in Bitcoin.
On September 23, the total net inflow of Bitcoin spot ETFs was $4.5559 million. Grayscale ETF GBTC outflowed $40.3344 million, Fidelity ETF FBTC inflowed $24.9280 million, and BlackRock ETF IBIT inflowed $11.5419 million. https://t.co/59u0BnEqLG
— Wu Blockchain (@WuBlockchain) September 24, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/bitcoin-dominates-73-of-crypto-market-as-investors-shift-away-from-ethereum/