Bitcoin's dominance in the cryptocurrency market has reached over 49%, the highest it has been in two years. This increase in dominance can be attributed to Bitcoin's year-long rally and its strong performance in the market. Factors such as concerns over inflation, geopolitical risks, and a polarized U.S. government have led investors to seek safe-haven assets, with Bitcoin emerging as an appealing option. The possibility of a Bitcoin exchange-traded fund (ETF) gaining regulatory approval has also boosted confidence in the cryptocurrency and could attract significant capital into the market. Financial services platform Matrixport predicts a major Bitcoin rally if a spot ETF is approved, with the potential for Bitcoin's price to reach $42,000 or even $56,000 with a larger influx of capital. There is growing optimism toward the launch of a spot Bitcoin ETF, with the Coinbase Chief Legal Officer stating that the SEC will soon approve one.
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