This week has been a pivotal one for the crypto world, with Bitcoin (BTC) experiencing a notable surge of 10.48%, peaking at $69,000. As it approaches the significant psychological threshold of $70,000, there’s a sense of optimism among investors, especially since no major economic reports are anticipated to hinder its progress in the coming week.
A key driver behind Bitcoin’s impressive rally was the recent approval by the U.S. Securities and Exchange Commission (SEC) for Bitcoin ETF options to be traded on the New York Stock Exchange (NYSE).
This move is expected to enhance liquidity for the ETF, drawing in more stable investments. Over the week, Bitcoin ETFs attracted substantial inflows, culminating in a total of $203.3 million in assets by Friday, marking a successful six-day streak. The ongoing institutional interest is evident from these consistent inflows, as highlighted by QCP broadcast.
Additionally, Bitcoin’s market dominance has climbed to a multi-year high of 58%, a level not seen since April 2021. As it nears the 60% resistance mark, analysts predict a potential rebound for layer 1 (L1) coins, which have not kept pace with Bitcoin’s gains.
Ethereum (ETH), in particular, is viewed as primed for a rebound, currently sitting 45% below its all-time high, while Bitcoin is just 7.9% away from its peak.
