Bitcoin market dominance (BTC’s share of the overall digital asset market) rose to 50.2% earlier in the day, its highest level in a month and close to the 26-month high of 52% reached in late June.
Markus Thielen, head of research at crypto service provider Matrixport, said that BTC is enjoying greater potential buying power due to ETF news, while altcoins may be on the verge of falling.
Hopes for a spot Bitcoin ETF and the latest regulatory actions could serve as catalysts for further rise in BTC dominance.