Bitcoin (BTC) Price Surpasses $30,000 as Dominance Returns to Multi-Year High

Bitcoin (BTC) price has retested the $30,000 price level following its sustained resurgence the previous week. Bitcoin is trading at a market capitalization of $30,135, up 1.47% at the time of writing. This growth highlights the performance of the main currency in the following week period, in which it jumped 11.91%.

Bitcoin dominance hits 3-year high

While Bitcoin remains the most visible digital currency on the market, altcoins, led by Ethereum (ETH), have also seen impressive rises in recent times. However, Bitcoin, with its price rising, has regained its lost dominance in the market, surpassing the average threshold and expanding its share to 51.5% at the time of writing.

This domain number is the highest Bitcoin ever recorded in about 3 years. Bitcoin’s dominance earlier this year fell to 38% as Ethereum’s share increased dramatically. From January to date, Bitcoin has surpassed its year-to-date (YTD) dominance rate.

Bitcoin Price Growth Triggers

Interest in Bitcoin is also triggered by the growing expectation of ETF spot approval. According to a number of projections, the SEC will likely approve a Bitcoin spot ETF product later this year, or in 2024 at the latest.

With the markets regulator refusing to appeal the court ruling in its case against Grayscale Investments over the latter’s attempt to convert its Bitcoin Trust into a spot ETF, many remain optimistic that the commission may have reached the end of the path regarding the approval of a spot Bitcoin ETF.