The cryptocurrency market is shining as Bitcoin reaches a new all-time high of $97,781. This surge follows the launch of spot Bitcoin ETF options for BlackRock’s iShares Bitcoin Trust (IBIT) in the U.S. While Bitcoin leads, altcoins like Bitcoin Cash (BCH) and Bitcoin SV (BSV) also show notable growth.
What's Driving the Growth?
Bitcoin Cash and Bitcoin SV are forks of Bitcoin aimed at scalability and transaction efficiency. The rising dominance of Bitcoin, coupled with high interest, may have contributed to their recent uptick.
The Role of Bitcoin Dominance
Bitcoin's dominance, indicating its share in the total cryptocurrency market cap, has risen to 61.65%. This could suggest that more capital is flowing into Bitcoin and possibly into Bitcoin-linked assets like BCH and BSV.
What to Expect Ahead?
If Bitcoin dominance continues to rise, Bitcoin Cash and Bitcoin SV might see further gains. However, for the altcoin market, this could mean more challenges as more capital flows into Bitcoin.
It is important to monitor Bitcoin dominance levels. Its rise could mean struggles for other altcoins, while a pullback could offer recovery opportunities.
