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Bitcoin dominance has taken a significant leap in June, as institutional investors increasingly absorb speculative demand for the flagship cryptocurrency. This development marks a new milestone in the asset’s maturity and growing recognition within the financial world.
The chart illustrates an unwavering increase in Bitcoin’s market share, as it continues to consolidate between critical levels of $105,000 and $109,000. Despite repeated attempts to break out above this resistance level, Bitcoin has struggled to gain a decisive foothold, highlighting strong selling pressure near the top of the range.
Notably, Bitcoin’s dominance rose by an additional 1% in June, as institutional capital flocks towards the asset. This trend underscores Bitcoin’s role as a reliable store of value and a haven for risk-hedging strategies during times of market turbulence.
The data suggests that institutions are actively seeking out Bitcoin as a safe-haven asset, while altcoins continue to be driven by retail demand, further solidifying its position as a leading player in the crypto landscape.
Despite this newfound strength, analysts caution against an imminent break above $109,300. A failure to achieve this would lead to increased volatility and uncertainty in the short term.
Bitcoin’s relentless ascent has garnered attention from industry experts and investors alike, many of whom believe that a decisive move is impending.
Source: bitcoinist.com
