How High Demand continues to push Bitcoin Supremacy

Demand for Bitcoin appears to have allowed the virtual currency to remain a market leader. Today, the global market capitalisation of this currency has stayed strong relative to other virtual currencies.

During a chat with UseTheBitcoin, Konstantin Anissimov, Executive Director of CEX.IO, confirmed that there is constant interest from both retail and institutional investors.

 

Bitcoin Continues Attracting New Investors

Bitcoin hasn’t stopped rising since March 2020. Digital money has moved from less than $4,000 to more than $58,000 in recent hours. One of the key features of the latest bull run is also the high domination of Bitcoin.

According to CoinMarketCap, Bitcoin’s domination stands above 61 percent and has hit a high of 69 percent over the last several months. The lowest point of Bitcoin’s supremacy during this bull run was in September 2020 when the virtual currency reached 56 percent dominance.

Konstantin Anissimov said about the latest situation in the cryptocurrency market:

 

“Bitcoin’s dominance in the market is not about to be pulled down as many analysts have suggested as the premier cryptocurrency is continuously seeing increased demand, from both retail and institutional investors.”

Indeed, there are several institutional investors that would like to get access to the largest virtual currency in the world. For example, JPMorgan Chase filed an application with the U.S. Securities and Exchange Commission (SEC) in order to launch new investment tools to track the performance of companies with exposure to BTC.

Although this is not a direct way of getting access to BTC, it certainly allows firms to get indirect exposure to the market. In the last months, several companies have decided to invest in Bitcoin. MicroStrategy, Tesla, MassMutual and Square are just some of these companies.

Anissimov also spoke to Ethereum (ETH), the second-largest virtual currency. He explained the high fees of Ethereum and how many investors and consumers chose to use other alternative networks. He also noted that some miners are currently protesting because of their poor profitability.

Bitcoin has again surpassed $58,000 in the last few hours, while Ethereum stands at a price of $1,800 per coin. Binance Coin (BNB) and Uniswap (UNI) have both been working positively in the last 24 hours. Litecoin (LTC) is the biggest winner in the top 10 after a price surge of almost 6 percent.

Many people are already optimistic about bitcoin reaching $60,000 and continuing to climb towards new all-time highs.

 

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