While Bitcoin's price has been flat for a month, Bitcoin's virtual asset market share has surpassed 50%, proving its strong dominance in the market. Some experts predict that other altcoins will perform somewhat poorly compared to Bitcoin's strength.
According to CoinMarketCap, a virtual asset market relay site, the price of Bitcoin is approximately 35.5 million won as of 10 a.m. on the 19th, Korean time, showing a steady trend without significant price fluctuations for a month. However, according to data from TradingView, which provides virtual asset price and chart information, Bitcoin's market share rose by more than 50% on the 18th (local time), exceeding the 50% level once again since last June. did.
Markus Thielen, an analyst at Matrixport, a virtual asset service provider, said on CoinTesk TV on the 18th (local time), “Bitcoin is under ‘potential buying pressure’ due to expectations of spot exchange-traded funds (ETFs). “We are looking at a further rise,” he said. “In contrast, other virtual assets, including altcoins, are on the verge of decline.” He pointed out the bankrupt FTX exchange's sale of virtual asset tokens, the decline in Ethereum protocol profits, and the unlocking of tokens for sale by venture capital investors as risk factors in the virtual asset market.
Thielen continued, “Bitcoin reached its peak in July of this year, and Ethereum reached its peak in April,” adding, “The ETF announcement has nothing to do with altcoins or Ethereum other than Bitcoin.” emphasized.
Additionally, regarding the latest regulatory changes proposed by the New York Department of Financial Services (NYDFS) on the 18th (local time), virtual asset analyst Noel Acheson said, “Bitcoin is likely to benefit from the New York Department of Financial Services’ regulatory changes.” The regulatory change proposes strict listing rules for virtual asset exchanges, but includes permission for licensed companies to list and store Bitcoin without additional regulations.
Meanwhile, according to Alternative, a virtual asset data provider, the Fear and Greed Index, which represents investment sentiment as an index, recorded 46 points today on the 19th (Korean time), maintaining the fear stage as from the previous day.
