Bitcoin Maintains Dominance Amid Rising Altcoin ETFs

The cryptocurrency market is witnessing notable developments as Bitcoin (BTC) continues to assert its dominant position among various digital assets. Currently, Bitcoin is priced at Rp 1,581,129,907, reflecting a robust performance with a market cap of Rp 33.034 trillion and a trading volume of Rp 1.590 trillion. According to Eric Balchunas, an analyst from Bloomberg, Bitcoin controls 90% of total global crypto fund assets. Despite the anticipated launch of several altcoin ETFs, their influence on Bitcoin's market dominance is projected to be minimal, with Balchunas predicting Bitcoin's long-term dominance between 80-85%. The article also highlights Ethereum's (ETH) declining market share, which has dropped from a peak of 19% in 2024 to a mere 7%. Another analyst, Benjamin Cowen, supports the optimistic outlook for Bitcoin, indicating that it may achieve a dominance of up to 66%. In terms of trading figures, Bitcoin ETFs in the US have faced fluctuations, with over $4 billion withdrawn amid tariff uncertainties, yet saw a significant inflow of $381 million on April 21, marking the highest since February. Institutional interest in Bitcoin remains strong, with total net assets in Bitcoin ETF products reaching $97 billion. This reaffirms Bitcoin's status as a leading choice for investors in a volatile market. The next critical resistance levels for Bitcoin to cross are the 200-day Moving Average at $88.3K and the previous lower limit at $92K, which could further sustain its recovery. As the market evolves, Bitcoin's solid institutional backing amidst challenges positions it favorably, reinforcing its relevance in the ongoing discourse of cryptocurrency.