Bitcoin (BTC) has sustained its position above US$30,000 as it nears the end of June, with an accumulated appreciation of approximately 12% for the month.
Year-to-date, the cryptocurrency has surged by 82.5%, making it one of the top-performing assets in the first half of 2023.
Despite low liquidity and individual investor dominance over the weekend, bitcoin experienced minimal volatility.
The recent approval of a leveraged bitcoin futures exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC) has reignited hopes for a bitcoin spot product.
Thiago Rigo, Chief Analyst at Titanium Asset, notes that market participants are closely monitoring the moves of major institutional players in the digital asset sector.
Particularly, asset management giant BlackRock’s filing for a bitcoin spot ETF has sparked interest among investors.
Long-term investors have been accumulating bitcoin over the weekend, contributing to the sustainability of current price levels, according to André Franco, Head of Research at MB.
As of 9:20 am EST, bitcoin was down 1.1% over the past 24 hours, trading at US$30,337.58.
Ether, the second-largest cryptocurrency, experienced a 1.8% decline, reaching US$1,881.16.
The total market value of all cryptocurrencies worldwide stood at $1.22 trillion.
In Brazilian reals, bitcoin decreased by 1.26% to R$145,550, while ether dropped 1.82% to R$9,022.80, as reported by MB.
According to Bernardo Bonjean, a partner at Metrix management company, the increasing demand for a bitcoin spot ETF from BlackRock has had a positive impact on prices.
The creation of such a product requires a significant purchase of the cryptocurrency, contributing to the upward movement.
Additionally, Alexandre Ludolf, Chief Investment Officer at QR Asset Management, highlights that Federal Reserve Chairman Jerome Powell’s optimistic statements about the long-term potential of the crypto market and the
Ludolf highlights that bitcoin’s dominance in the digital asset market has reached its highest level in the past two years, surpassing the resistance of other cryptocurrencies at 50%.
In the short term, Bonjean from Metrix anticipates that bitcoin’s dominance may continue to expand, driven by recent developments.