*concerning the probable acceptance of a BTC ETF*
Bitcoin Price Rises Amid Optimism Around Spot Bitcoin ETF Anticipation of a spot approval of an ETF has led to a surge in the price of Bitcoin in recent weeks.
The cryptocurrency soared as high as $35,000 earlier this month, boosted by market speculation regarding the potential approval of a spot ETF.
Meanwhile, crypto financial services platform Matrixport predicted a major Bitcoin rally if a spot ETF hits the market.
Comparing this to precious metals ETFs, which have a market cap of around $120 billion, assuming 10-20% of precious metals ETF investors consider diversifying into a Bitcoin ETF as a hedge against currency depreciation and inflation, Matrixport said we could see an inflow of $12 billion to $24 billion into the Bitcoin ETF.
“If Tether's market cap increases by $24 billion, acting as a proxy for potential ETF inflows, the price of Bitcoin would increase to $42,000, which is a conservative estimate.”
Further confirmation of the Bitcoin bull market, the market dominance of the main cryptocurrency has reached 54%, its highest level in more than two and a half years.
Bitcoin's steady rise in dominance, which was around 38% at the start of the year, comes amid its year-long rally, with the flagship cryptocurrency surging 81% since the start of 2023 .