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Bitcoin (BTC) price is forming support at $30,000 as dominance rises

Bitcoin (BTC) price has retested the $30,000 price level after a sustained rise in the previous week. Bitcoin is traded at a Market value of $30,135, up 1.47% at the time of writing. This growth highlights the leading coin’s performance over the last week, where it rose 11.91%.

Bitcoin price chart. Source: Coingape

Bitcoin dominance hits 3-year high

While Bitcoin remains the most visible digital currency In the market, altcoins led by Ethereum (ETH) have also seen impressive gains recently. However, with its rising price, Bitcoin has regained its lost dominance in the market by crossing the average threshold and expanding its share to 51.5% at the time of writing.

This dominance number is the highest Bitcoin has recorded in about three years. Bitcoin’s dominance fell to as low as 38% earlier this year as Ethereum’s share rose dramatically. From January to today, Bitcoin has improved in its year-to-date (YTD) dominance rate.

The growing dominance shows that Bitcoin continues to be viewed in a positive light by investors and is benefiting from the positive sentiment in the Ripple ecosystem following its legal victory against the US Securities and Exchange Commission (SEC). Earlier this week, the regulator dismissed its lawsuit against the company’s two executives, Brad Garlinghouse and Chris Larsen, ending a nearly three-year lawsuit.

Although XRP has been a big beneficiary of this trend, Bitcoin has also retained its shine amid the positive market outlook as Ripple’s victory is considered a win for all.

Bitcoin price growth trigger

Interest in Bitcoin is also fueled by growing anticipation of spot ETF approval. Based on a number of forecasts, the SEC probably agree a Bitcoin spot ETF product by the end of this year or 2024 at the latest.

As the market regulator refused to appeal the court’s ruling in its lawsuit against Grayscale Investments its offer To convert its Bitcoin Trust into a spot ETF, many remain optimistic that the Commission may be at the end of the road in approving a spot Bitcoin ETF.

The upcoming Bitcoin halving event is also another potential trigger that has helped the digital currency return to its elevated levels of dominance.

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