In this week’s episode of The Market Report, Cointelegraph analyst and writer; Marcel Pechman, explains what is behind Bitcoin (BTC) has achieved 50% dominance of the cryptocurrency market for the first time in two years, amid the filing of Blackrock’s spot exchange-traded fund (ETF) and crackdowns by the United States Securities and Exchange Commission against altcoins.
According to Pechman, it has to be admitted that no one expected Bitcoin to become the second largest non-fungible token blockchain network. CryptoSlam’s analysis shows that the 30-day adjusted data – excluding wash trades – was $380 million for Ether (ETH) versus $104 million for Bitcoin and $40 million for Solana (SOL).
Thus, Michael Saylor’s call for 80% market domination hinges on decentralized finance moving to the Bitcoin network. Although it may seem impossible right now, this is because there is no infrastructure for smart contracts in Bitcoin, independent of a second layer.
Next, Pechman raises an issue with the recent Glassnode report “The Week On-ChainUsing data from previous halving cycles, analysts determine that Bitcoin’s sideways price action may last 18 months, which “suggests another 6-12 months are ahead.”
Pechman reminds us that, in real life, if the price of Bitcoin rises from $25,000 to $70,000 and corrects to $40,000, for example, that’s do or die for most traders – figuratively speaking. Calling the pre-halving period “lateral boredom” just because Bitcoin finally reaches $150,000 after the halving is nonsense.
In the latest segment, Pechman discusses Deutsche Bank’s digital asset custody license application. A digital asset custody service means holding customer assets, not investing the bank’s money or integrating cryptocurrency services. When it comes to accepting Bitcoin and Ether deposits (ETH) as collateral for international shipments or to originate loans, Pechman believes we are still a long way from seeing it.
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