As of the morning of July 29, 2024, the share of bitcoin (BTC) in the total cryptocurrency market capitalization reached 55.5%, which is a new high in the current cycle. This is reported by Matrixport researchers, emphasizing the importance of BTC among digital assets. Even the launch of the Ethereum Spot ETF has so far failed to change this trend.
Analysts attribute bitcoin's growing dominance in large part to increased institutional interest in BTC-ETFs. For example, three pension funds from Wisconsin and Michigan have already invested in these instruments, while Jersey is actively seeking approval from the US Securities and Exchange Commission (SEC). These actions are helping to strengthen the digital coin's position in the market and support its price.

The current situation confirms that bitcoin continues to be the leader among cryptocurrencies, attracting the attention of both retail and institutional investors. The increased interest indicates that BTC is recognized as a reliable asset for long-term investments.

The launch of the Ethereum Spot ETF, which could change the balance of power in the market, has not had a significant impact on bitcoin's dominance. The rise in performance is also attributed to Donald Trump's recent remarks at a conference in Nashville. Although his promises are not about short-term changes, they have encouraged many market participants and convinced them of the long-term growth of the asset's value.

Investors view bitcoin as “digital gold” that can maintain value in the face of inflation and economic turmoil. The trend of bitcoin's strength is expected to continue in the near future, especially as institutional interest continues.

Matrixport also emphasizes the importance of bitcoin to the cryptocurrency market as a whole. Its stability and acceptance among investors ensures its leading position. Despite the efforts of other cryptocurrencies such as Ethereum to increase their market share, bitcoin continues to dominate, demonstrating stability and attractiveness for long-term investments.

The impact of institutional investment on bitcoin's growth is particularly noteworthy. Pension funds and other major players see bitcoin as a reliable tool for diversification and capital protection. This emphasizes its importance not only as a digital asset, but also as a strategic element in investment portfolios.

Despite the launch of the Ethereum Spot ETF, bitcoin maintains its dominance. This is a testament to bitcoin's strong market position and its ability to attract capital even in the face of competition. Investors continue to view bitcoin as a core asset despite the development of other cryptocurrencies and financial instruments.

Bitcoin's dominance can be expected to continue to grow in the near future, especially as institutional investment increases and its value as a long-term asset is recognized. This trend emphasizes the importance of bitcoin to the global cryptocurrency market and its key role in shaping the financial strategies of investors around the world.

Bitcoin thus continues to demonstrate its importance and resilience amidst competition and new financial products. Its role as “digital gold” and its attractiveness to institutional investors ensure its leading position in the cryptocurrency market, confirming its importance as a strategic asset for long-term investments.