Bitcoin (BTC) Dominance Reaches New 2023 High

According to a crypto analyst, Bitcoin’s (BTC) dominance rate in the overall cryptocurrency market has reached a new high for 2023. The BTC dominance has been on the rise, hitting unprecedented levels this year.

Starting from earlier this week, Bitcoin’s dominance has gained momentum, achieving a rate of 52.72% on Friday after four consecutive days of gains. This marks the highest dominance rate observed thus far in 2023, as indicated by trading data.

This increase aligns with the bullish breakout seen in June, signaling the end of a prolonged trading range between 38% and 48%.

Simultaneously, Bitcoin’s price surged to the $30,000 mark for the first time since July. During Friday’s trading, Bitcoin surpassed $30,000, extending weekly gains of over 10% amid volatility in the cryptocurrency market.

Investors expressed increased confidence anticipating the approval of a spot Bitcoin ETF, leading Bitcoin to briefly cross the $30,000 threshold again this week. Known as the largest cryptocurrency by market capitalization, Bitcoin reached $30,022, its highest level since July 23, and was recently reported up 4.41% for the day at $29,708.

### Bitcoin Spot ETF Approval Expected

Paul Grewal, chief legal officer at a major cryptocurrency exchange, has stated that he is optimistic about the approval of a Bitcoin exchange-traded fund (ETF) in the United States by the Securities and Exchange Commission (SEC). While he did not provide a specific timeline for this decision, he indicated that it ultimately rests with the SEC.

Michael Novogratz, CEO of a cryptocurrency investment firm, has also predicted that the SEC will authorize ETFs that invest directly in Bitcoin this year.

In a positive outlook, CryptoQuant, a blockchain analytics startup, has projected that the introduction of Bitcoin spot ETFs could potentially expand the market size by $1 trillion.