Bitcoin back above $28k; commands 49% of market share as altcoins struggle
Bitcoin remains resilient as much of the cryptocurrency market struggles amid a series of regulatory setbacks.
Today, the dominant cryptocurrency on the market has surpassed $28,000 for the first time since May 28, amid a resurgence that saw Bitcoin’s dominance of the total cryptocurrency market cap rise to 49%. At the time of writing, Bitcoin is trading at $27,962.61, up almost 5%.
In the last 24 hours, the highest value of Bitcoin is liquidation According to CoinGlass data, all cryptocurrencies totaled $51.19 million, with the largest single liquidation order being a BTC-USDT trade on Binance, worth $4.67 million.
gain momentum
Bitcoin’s upward momentum follows growing institutional interest from big players. Last week, BlackRock, the world’s largest asset manager, filed a spot Bitcoin ETF application with the SEC. Many companies have tried to get SEC approval for spot bitcoin ETFs, but so far none have succeeded.
The market also sees the arrival of EDX Markets, an institutional cryptocurrency exchange backed by Fidelity, Charles Schwab and Citadel, as a silver lining. The EDX market launched on June 20, 2023, the same day Bitcoin regained $28,000.
Bitcoin’s rise stands in stark contrast to the performance of the rest of the cryptocurrency markets. The SEC has been struggling in recent weeks following historic lawsuits against Binance and Coinbase. In the lawsuit, the SEC alleged that some of the mainstream cryptocurrency tokens were unregistered. Securities.
SEC Chairman Gary Gensler has announced his intention to take action against cryptocurrency companies he deems to be operating in violation of U.S. law. Gensler is on record stating that all cryptocurrencies, with the exception of Bitcoin, qualify as securities under U.S. law. However, his position on Ethereum remains ambiguous.
Post-Bitcoin has crossed $28,000. Amidst the struggles of altcoins, it first appeared on CryptoSlate, which holds 49% of the market share.
