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The post Bitcoin Dominance Breaks Records, But What About Altcoins? appeared first on Coinpedia Fintech News
Bitcoin is soaring and is just about to break through its all-time highs, currently just short of 1% of its peaks seen earlier in 2024. The big question is: how much higher could we go, and who exactly is buying so much Bitcoin right now?
Let’s dig deep and arrive at the answers. Read on.
Top Bitcoin Holders Revealed
Satoshi Nakamoto remains the largest Bitcoin holder globally, while Binance, Grayscale, MicroStrategy, and the U.S. government follow closely behind. However, Bloomberg ETF analyst Eric Balchunas recently pointed out in a tweet that U.S. spot ETFs are expected to reach a total of 1 million Bitcoin by next Wednesday, surpassing Satoshi’s holdings by mid-December—well before the ETFs reach their one-year anniversary.
Currently, these ETFs are adding around 17,000 BTC weekly.
Demand Outpaces Supply
In just the last week, ETFs have acquired 15,194 BTC, while only 3,150 BTC were mined, signaling an increasing demand-supply gap. Crypto analyst Miles Deutscher highlighted that while Bitcoin was at $71,000 in March, the Coinbase app store ranking was 20. Now, with BTC back at $71,000, Coinbase’s ranking has dropped to 482, indicating that retail investors have yet to fully return. “It’s scary how much higher we’re going,” Deutscher commented.
He also shared that BTC spot ETF inflows are “going parabolic,” with $3.8 billion in inflows over just 17 days.
Adding to the bullish outlook, BlackRock CEO Larry Fink predicts at least one more 25 basis-point rate cut by year’s end, potentially sparking further growth in the crypto market.
Bitcoin’s Growing Dominance
While Bitcoin dominates the market with its rising price, altcoins are not experiencing the same momentum. Bitcoin’s market dominance has now exceeded 60%, and if historical patterns hold, a potential altcoin season may unfold in 2025, similar to the drop from 73% to 39% Bitcoin dominance in 2021.
With Bitcoin leading the way, 2024 promises to be a defining year for the crypto market. Stay tuned for more updates.
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