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- 1 A major spike in the market dominance of BTC has been seen in the past 24 hours.
- 2 Bitcoin surged approximately 3% on Monday but declined significantly in Tuesday’s session.
- 3 At the time of writing, BTC’s dominance over the market was 50.16%.
Bitcoin showed an impressive surge of approximately 3% on the September 18, 2023, trading session. As per market analysts, there are several reasons behind the surge of BTC in Monday’s session. Some believe the surge is fueled by the interim victory of Grayscale over U.S. regulators.
Earlier this week, the total dominance of Bitcoin over the crypto market was around 48.50%, but the sudden skyrocketing momentum in the price has helped expand BTC’s dominance. At the time of writing, BTC’s dominance over the market was 50.16%.
After this unprecedented surge, analysts believe that Bitcoin will hit $30,000 by the end of September 2023. In the past few days, Bitcoin trading volume surged over 200% on numerous crypto exchanges such as OKX, Coinbase, and Bybit.
In a daily time frame, the market dominance of Bitcoin has peaked at 50.22% of the market and slipped to 49.97%. At press time, BTC trading volume was $64.332 Billion.
The current market dominance is above the 20, 50, 100, and 200-day exponential moving average (EMA).
Will Bitcoin Break $30k by the End of September 2023?
According to the data from TradingView at the time of publication, Bitcoin was trading at $26,981.54 with an intraday trading volume of $6.52k.
Since the opening of the September 19 session, BTC peaked at $27460.95, and its lowest trading price is $26666.93.
A recent report states that Nomura Digital Assets of Japan has introduced a new fund offering Bitcoin exposure to institutional investors.
The announcement by Nomura Laser Digital has made its Bitcoin Adoption Fund a long-only exposure and will be the first in a range of such digital asset investment products.
Compared to Monday’s trading session, a decline in BTC trading price was seen on September 19.
A Detailed report from Coinglass published on September 18, 2023, states that the volume of BTC surged over 210.25% and Open Interest rose over 12.50%. Bitcoin trading volume rose 325% in the past 24 hours, and its trading volume on OKX surged over 280%.
Data from Grayscale(dot)com shows that total assets under management are $16.4 Billion, and the inception date is September 25, 2013. On August 29, 2023, the D.C. Circuit unanimously ruled in favor of Grayscale.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
