The strengthening power of cryptocurrencies over the traditional finance market seems to be driving a surge in the adoption of Bitcoin and Ethereum, among others. Over dozens of publicly traded firms are now holding BTC in their investment portfolio, and the list is topped by MicroStrategy, which holds 252,220 bitcoins as of September 2024.
In a most recent update Metaplanet, a leading firm based in Japan, raised 10 billion yen via stock sale in an 11th series of Stock Acquisition Rights. A person aware of the fact notes that the move of company to raise funds through stock sales intends to purchase more Bitcoin to boost its portfolio in digital assets investment.
Metaplanet also holds 855.5 BTC; the recent decision to raise funds via stock sale is a clear indication that institutional giants and investors are looking for great potential in digital/blockchain-based currencies.
Bitcoin Dominance Strengthening Despite Volatility Price!
The market volatility has surged significantly in the past few months, but the dominance of Bitcoin remains bullish and grew 13.43% YTD reaching 58.44 percent.
Some primary reasons argued behind the surge adoption of cryptocurrencies, especially Bitcoin, are the entry of traditional finance giants and constant institutional buying.
One another behind the skyrocketing adoption of BTCs is the launch of Bitcoin spot ETFs, its market has attracted over a million new users and billions of dollars. It is worth noting that this market is ruled by BlackRock, a traditional asset market that has over $11 trillion AUM (Assets Under Management).
In terms of net flow, BlackRock is at the top of the list. It also has the highest Bitcoin holding in the entire ETF BTC spot market followed by GrayScale which is also known as one of the major contributors behind the speedy approval of these spot ETFs.
Another crucial reason behind the growth of Bitcoin dominance is the appearance of digital currencies as a mode of payment by leading firms such as Tesla, Microsoft, KFC ( Canada), AMC Theatres, Wikipedia, Burger King(Venezuela), and airBaltic, among others.
Bitcoin Price Updates
As of writing Bitcoin was trading at $67,275 adding over 2.50 percent to its trading price it’s market capitalization reached over $38 billion surging 41.26% in the past 24 hours.
The highest recorded price of BTC in the past 30 days is $69,462 market observers believe that if the pace of growth continues the same momentum it might soon break its all-time high of $73,750 on March 14, 2024.
If bulls remain charged there are possibilities that Bitcoin price could soon mark the resistance of $69,411 followed by the next resistance of $74,793 which might become its all-time high.
The exponential moving average of BTC was $66, 883 and at the same time above the 20, 50, 100, and 200 days EMA (exponential moving average). At the time of publishing the market capitalization its market capitalization was $1.332 trillion surging 60.80% YTD (year-to date).
According to data from CoinMarketCap the market capitalization of BTC was above the 20,50,100 and 200 EMA levels. Almost in all time frames, the cap continues to grow adding 1.99% in a week, 6.39% in the past 30 days, and 2.34% in a quarter.
