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Cryptogambling / Bitcoin surges to $30K, reclaims market dominance after three years

Bitcoin surges to $30K, reclaims market dominance after three years

Publish Date: 23/10/2023
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Bitcoin has surged to $30,000, regaining a market dominance of 51.5 percent, the highest in three years. This milestone follows a week of robust growth, with the current value at $30,135. It represents an 11.91 percent rise over the past week.

Earlier this year, Bitcoin’s market share fell to 38 percent as Ethereum gained ground. However, Bitcoin has shown stronger dominance in the year-to-date period, indicating positive sentiment among investors, especially after Ripple’s legal victory against the U.S. Securities and Exchange Commission (SEC).

The SEC’s dismissal of the lawsuit against Ripple executives has positively affected the market, benefiting XRP significantly and maintaining Bitcoin’s appeal to investors.

Simultaneously, the growing interest in Bitcoin can be attributed to the anticipation of spot ETF approval. Multiple forecasts are suggesting that the SEC may approve a Bitcoin spot ETF either by the end of this year or by 2024 at the latest.

A recent court decision rejecting Grayscale Investments’ attempt to convert its Bitcoin Trust into a spot ETF has raised optimism that the commission may be more inclined to approve a Bitcoin spot ETF.

Bitcoin must maintain crucial level of $31,560, analyst says

Cryptocurrency analyst Ali Martinez shared a pessimistic view of Bitcoin’s potential price movement. Despite a 0.7 percent increase and briefly reaching above $30,000 in the past day, Martinez predicts that Bitcoin may lose these gains and see a price drop unless a specific condition is met.

On Sunday, Martinez posted an analysis on X, examining the formation of a potential head-and-shoulders pattern on Bitcoin’s daily chart.

“The $BTC daily chart hints at a possible sell signal emerging tomorrow, based on the TD Sequential indicator flashing a green 9 candlestick. Not to mention, the RSI reached 74.21 — a level triggering sharp corrections since March,” said Martinez.

Martinez attached a condition to his price forecast. He mentioned that BTC might avert the impending sell-off, but only if the cryptocurrency concludes its daily candlestick above the $31,560 price.

He pointed out that indicators on the BTC daily chart pointed to an incoming price dip within the next day. He noted that the TD sequential indicator, designed to identify possible points of trend reversals, showed a green nine candlestick, which can be interpreted as a potential sell signal.

He noted that the RSI on the BTC daily chart had surpassed 74.21, a level that has triggered price retracements since March.

Bitcoin’s future trajectory depends on several factors

According to The Currency Analytics, despite Bitcoin recently reaching the $30,000 mark, its next trajectory depends on several factors. Market sentiment, influenced by positive news, growing adoption and increased institutional interest, can drive price appreciation.

Evolving cryptocurrency regulations and clear frameworks provide stability and attract mainstream investors. Ongoing advancements in blockchain technology enhance the appeal of cryptocurrencies like Bitcoin, making them more investor-friendly.

Global economic conditions, including economic instability and inflation concerns, can increase interest in non-traditional assets like Bitcoin.

Additionally, the eagerly anticipated halving event, which reduces the rate of new Bitcoin creation, has historically been associated with price increases.

Gains across various cryptocurrencies

Ether (ETH) saw significant gains, rising by 3.63 percent to reach $1,688 in just a few days. Many other cryptocurrencies also experienced positive movements, including Cardano, Dogecoin, Litecoin and Polygon.

The overall cryptocurrency market valuation increased by 2.29 percent over the last 24 hours, reaching a total market capitalization of $1.17 trillion, according to CoinMarketCap.

However, some cryptocurrencies faced losses on the same day. These included Tether, USD Coin, Binance Coin, Ripple and Tron. Minor losses were observed in Bitcoin Cash, Monero, Binance USD, Bitcoin SV, NEM, Ardor and Braintrust.

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