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🌙 Bitcoin Dominance Hits Fresh 30-Month High

Bitcoin's dominance has reached a 30-month high, with its market share surging to 54.4%, the highest since April 2021.

Author

Mike Gavela
October 25, 2023

Crypto Roundup - Oct 25

Bitcoin has asserted its dominance in the cryptocurrency market, reaching a 30-month high with a 54.4% market share, primarily due to outperforming altcoins and the potential approval of a spot ETF by the U.S. SEC. Despite this surge, Bitcoin experienced a short-lived rally to $35,000, followed by a swift reversal, attributed to increased miner selling pressure. Meanwhile, uncertainty prevails in the crypto community as SEC Chairman Gary Gensler remains silent on the agency’s stance regarding spot Bitcoin ETFs after a court ruling related to Grayscale Investments.

Top Stories:

  1. Bitcoin's Market Dominance: Surge to 54.4% market share, outperforming altcoins.

  2. Price Reversal and Miner Selling Pressure: Brief rally to $35,000 before a reversal influenced by miner sales.

  3. Uncertainty Around Bitcoin ETFs: SEC Chairman’s silence post-Grayscale court ruling leaves future of spot Bitcoin ETFs uncertain.

TOP STORIES

Bitcoin Dominance Hits Fresh 30-Month High as Ether, Altcoins Lag in Rally

Bitcoin's bullish momentum could prove a harbinger of an altcoin rally, one analyst noted.

www.coindesk.com/markets/2023/10/25/bitcoin-dominance-hits-fresh-30-month-high-as-ether-altcoins-lag-in-rally

Bitcoin Retreats From $35K; Miner Selling Pressure May Cap Prices, Crypto Hedge Fund Says

BTC could run towards $40,000-$45,000 after consolidating around current prices, Capriole Investments said.

www.coindesk.com/markets/2023/10/25/bitcoin-retreats-from-35k-miner-selling-pressure-may-cap-prices-crypto-hedge-fund-says

SEC’s Gensler Won’t Say What’s Next With Bitcoin ETFs After Grayscale Loss

The agency chairman also declined to give any indications on timing or the order applications might be considered.

www.coindesk.com/policy/2023/10/25/secs-gensler-wont-say-whats-next-with-bitcoin-etfs-after-grayscale-loss

FUNDRAISES

OTHER HEADLINES

Bitcoin volatility triggers over $147 million in liquidations

Bitcoin posted a slight retracement from its early-week high, wiping out more than $106 million in leveraged long positions.

www.theblock.co/post/259421/bitcoin-volatility-triggers-over-147-million-in-liquidations

Friend.tech sees record outflows as top user jumps ship

The SocialFi app appears to be losing steam even as crypto enjoys its best week in over a year

blockworks.co/news/friendtech-downturn-socialfi

Polygon’s new zk-powered token is live on Ethereum mainnet

Polygon first revealed its intention to revamp its native MATIC token in July this year as part of its ecosystem 2.0 plans.

blockworks.co/news/polygon-token-ethereum-zk

Fidelity ‘actively exploring’ how to access European crypto market after MiCA goes live

US investment giant to use landmark law as springboard into European crypto market.

www.dlnews.com/articles/markets/fidelity-plans-to-enter-european-crypto-market-after-mica

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