BLK - Bitcoin's Share Of Crypto Market Grows With ETF Popularity

2024-04-15 09:39:57 ET

Bitcoin’s share of the global %Cryptocurrency market has swelled to its highest level since 2021 as the popularity of spot exchange-traded funds (ETFs) in the U.S. grows.

Currently, %Bitcoin (CRYPTO: ) accounts for almost 55% of the $2.4 trillion U.S. crypto market, a level last seen in April 2021, according to data from CoinMarketCap.

The next largest cryptocurrencies by market share are %Ethereum (CRYPTO: ), stablecoin %Tether (CRYPTO: ), and %Solana (CRYPTO: ).

Bitcoin’s share of the crypto market has been growing alongside the popularity of new spot ETFs, which were approved for the American market in January and have since been issued by asset managers such as %BlackRock (NYSE: ) and Fidelity Investments.

Spot Bitcoin ETFs have attracted $56 billion U.S. in assets to date, helping to push the price of

Bitcoin to a record high of $73,798 U.S. in mid-March of this year.

At the same time as Bitcoin has been rising, smaller cryptos and digital tokens have declined about 6%, according to %CoinMarketCap data.

Investors and crypto bulls are now awaiting the latest Bitcoin halving event that is expected to take place on or around April 20.

In a halving event, the amount of Bitcoin that can be mined is cut in half, reducing the available supply. Past halving events have sent the price of Bitcoin sharply higher.

So far in 2024, Bitcoin’s price has increased 50% and currently trades at $66,111 U.S. per token.