Bitcoin (BTC) is the largest cryptocurrency by market capitalization, currently controlling over half of the crypto market dominance. According to Commercial viewBitcoin (BTC) dominance stands at over 55%, representing an increase of 2.5% over the past month and over 1% over the past week.
This is notable as bears and bulls continue to battle for crypto market supremacy. Bitcoin (BTC) dominance acts as an indicator that helps traders gauge market sentiment and the influence of Bitcoin (BTC) on altcoin trends.
What Bitcoin’s Growing Dominance Means for Altcoins
One of the factors behind the rise in dominance is the Bitcoin halving, which took place on April 19, 2024. Although Bitcoin (BTC) is also affected by the continued drop in price assets, a closer look at the market shows that altcoins and other layer 1 blockchains appear to be suffering more. This is demonstrated in the price action of top altcoins like Solana (SOL), which saw a 20% drop last week, and Cardano (ADA), which saw a 23% price drop.
Even artificial intelligence (AI) tokens have been hit hard despite a massive rebound just a few months ago. Major AI tokens like FetchAI (FET) declined by 24% and Render (RNDR) saw a 13% loss in value. These significant losses also helped increase Bitcoin's dominance. This is because an increase in BTC dominance gives less room for altcoins to advance, meaning an increase in dominance is bearish for altcoins.
Bitcoin (BTC) is currently trading around the $65,000 mark, down 15% from its all-time high of over $73,000, according to data from the asset tracking platform. Coinmarketcap. With Bitcoin halving, many in the crypto industry are optimistic that Bitcoin (BTC) will surpass its all-time high and even reach $100,000.
This belief is fueled by the bullish price movements typically associated with the Bitcoin halving. Further away, Google search interest for halving increased significantly compared to the previous halving in 2020. Additionally, search interest for halving exceeded that of Dogecoin (DOGE), Ethereum (ETH), and Solana (SOL).
ETFSwap (ETFS) Prepares for the Bull Run with Land Mark Presale
ETFswap (ETFS) is a decentralized crypto project that aims to bridge the gap between traditional and decentralized finance through the tokenization of exchange-traded funds (ETFs). With the recent approval of Spot Bitcoin and Ethereum ETFs in Hong Kong, It’s no coincidence that crypto ETFs are here to stay; therefore, by putting this asset on-chain, they will be more accessible to everyone in the crypto community.
As a DeFi platform, ETFSwap (ETFS) allows users to access its features and functionality without completing Know Your Customer (KYC) forms that are common on centralized platforms, thereby protecting their users' identities.
However, people who want to access these assets must purchase the platform's native token, which will be the key to investing in tokenized exchange-traded funds (ETFs). Additionally, holding this token has other benefits like governance, which allows holders to actively participate in decision-making on the network. Additionally, users can benefit from features such as leveraged trading, transparent exchange services, and fractional ownership. They can also earn passive income through the staking feature on ETFswap (ETFS).
Currently the only way to purchase ETFS is currently undergoing phase 1 presale, where the platform is offering it at $0.00854 per coin. Everyone who buys it at this stage is in line to make an automatic profit when stage 2 starts at $0.01831.
This assured expectation of return on investment has attracted savvy investors impressed by the platform's ecosystem, with more than 20 million tokens already sold. Furthermore, experts believe that a 10,000% increase will soon bring the token to $1, providing investors with 100x profit on their investments.
So take the bull by the horns and join the ETFswap (ETFS) presale today to increase your chances of having a massive return on investment (ROI).
For more information on the ETFS presale:
Disclaimer: Investing in cryptocurrency is a high-risk activity in a volatile market. All financial and crypto markets information contained in this article is for informational purposes only and should not be treated as investment advice. Do your research and consider consulting financial experts before making any investment decisions.