Bitcoin Achieves 50% Crypto Market Dominance
In the most recent episode of The Market Report, Cointelegraph analyst and writer Marcel Pechman elucidated the reasons why Bitcoin (BTC) has achieved a 50% crypto market dominance for the first time in two years, such as Blackrock’s spot exchange-traded fund (ETF) filing and the United States Securities and Exchange Commission’s stern actions against altcoins.
Pechman acknowledges that it was unforeseen that Bitcoin would become the second-largest nonfungible token blockchain. CryptoSlam’s analysis of the 30-day adjusted data, not including wash trades, reveals that Ether (ETH) had a value of $380 million, Bitcoin was at $104 million, and Solana (SOL) was at $40 million.
Michael Saylor’s demand for 80% market control hinges on decentralized finance transitioning to the Bitcoin network. Although it may seem inconceivable at present, this is due to the lack of infrastructure for smart contracts on Bitcoin, regardless of a second layer.
Pechman has raised a concern about the recent “The Week On-Chain” report from Glassnode. Analysts have analyzed data from past halving cycles and determined that Bitcoin’s sideways price action could persist for up to 18 months, implying that we may have to wait another 6 to 12 months.
Pechman reminds us that, in actuality, if the Bitcoin price fluctuates drastically from $25,000 to $70,000 and then back down to $40,000, this could be a major setback for most traders – metaphorically speaking. To refer to the pre-halving timeframe as “sideways boredom” simply because Bitcoin eventually reaches $150,000 after the halving does not make sense.
Deutsche Bank Applies for Digital Asset Custody License
In the concluding part, Pechman talks about Deutsche Bank’s application for a digital asset custody license. This license would allow for the storage of customers’ assets, as opposed to the bank investing its own money or providing cryptocurrency services. Pechman thinks that there is still some way to go before we witness the acceptance of Bitcoin and Ether (ETH) deposits as collateral for international shipping or giving out loans.
Don’t forget to watch The Market Report, which is only available on the Cointelegraph Markets & Research YouTube channel.
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