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Bitcoin dominance reaches 50% for first time in 2 years

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Saylor believes that Bitcoin will maintain strong dominance and perhaps even grow to over 80%. His expectation is based on the growing hash rate, as well as the improving regulatory environment.

Saylor’s confidence is based on the expectation that Bitcoin will remain dominant and attract institutions. However, the king coin is yet to recover from the loss of institutional liquidity courtesy of the crash of 2022.

Regulatory uncertainty further exasperated the situation, but BTC institutional demand may turn a new leaf now that the regulatory situation seemed to be improving.The Purpose Bitcoin ETF Holdings metric is the best way to understand the situation related to institutional investors. As per the chart below, there were a lot of swings based on seasonal demand and sell pressure.

The latest wave of sell pressure started in mid-April and recently slowed down, sparking conversation of a possible pivot.The same institutional metric indicated that some accumulation had been taking place in the last few days. However, investors should not expect a sudden surge. This is becauseThe Bitcoin dominance surge comes amid some excitement regarding the price bounce from a key support line.

 

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