Bitcoin has been provided with the tailwind of two events this year with the SVB banking crisis and Blackrock Bitcoin ETF filing that have unequally benefited digital gold relative to the other digital assets in the market. This has translated to Bitcoin’s market capitalization dominance relative to the rest of the market breaching 50% for the first time since early 2021.
Despite the positive YTD price appreciation, liquidity for Bitcoin remains relatively muted with regulatory uncertainty still looming and many market participants still licking their wounds from the counter-party risk left over from a year of crypto company blowups throughout 2022.
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