Dominance Debrief: 10/12 – 10/18

These past couple of weeks have been an exciting time in crypto, with decentralized finance becoming a $200 billion industry and bitcoin eyeing all-time highs above $60k. The strong momentum is carrying over into this week, with bitcoin dominance reaching 45%.

One major factor that may be contributing to bitcoin’s rise in dominance is the approval and launch of the first exchange-traded fund (ETF) for bitcoin. Longer term, as more regulated products like this enter the market, investors at both the institutional and retail levels will have increasingly greater opportunities to gain exposure to bitcoin. The fundamentals of Bitcoin are looking healthier by the day, and the launch of this ETF is a net positive for both the bitcoin market and crypto assets more broadly. Regardless of what happens to price in the short term, the industry has made laudable strides recently, and this is certainly one of them.

“We saw a positive move towards bitcoin this week after the first ETF was authorized,” said Adrian Kolody, co-founder of Domination Finance. “This led to a spike in bitcoin’s price and overall market dominance increasing. In the short term, we expect to see more crypto capital flowing into bitcoin and away from altcoins, as per usual in a bitcoin run.”