Bitcoin Surges 124%: VanEck Predicts Continued Dominance in Crypto Market

23.09.2024 30 times read 0 Comments Read out

Bitcoin Outperforms All Other Assets - A Yearly Comparison

The experts at VanEck believe that Bitcoin will continue its long-term upward trend and expand its lead. Over the past 12 months, Bitcoin (BTC) has outperformed almost all other asset classes, although a recent dip in the leading cryptocurrency has "scared" some investors, according to asset manager VanEck. As of September 2023, the price of Bitcoin is up by an impressive 124%, significantly expanding its relative market dominance within the crypto market.

Currently, BTC's market capitalization stands at nearly $1.25 trillion USD with a market share of 56%, marking a substantial increase of 15% compared to last year. VanEck anticipates this "long-term upward trend" will remain unbroken for the foreseeable future as "the adoption of Bitcoin as an investment product is no longer driven solely by forces seen back in 2023." The initial adoption was largely influenced by retail or small-scale investors which became particularly evident when a viral innovation allowed users to store media files directly on the blockchain.

This declining popularity led to transaction fees dropping by about 52% from last year. According to VanEck’s analysis report authored by Matthew Sigel, head of Digital Assets Research at VanEck: “The value appreciation [of Bitcoin] this year can be better explained through increased adoption as money or as a store-of-value and transactional medium.” This development is primarily fueled by approval from US regulators for American bitcoin index funds (ETFs), authorized earlier in January.

A New Era for Cryptocurrencies? Analyst Predicts Upcoming Rally

An analyst sees potential changes ahead despite current stagnation; he predicts significant growth soon across cryptocurrencies including Bitcoin’s anticipated rally following Federal Reserve interest rate cuts driving stock markets towards record highs recently reported via finanzen.net. While many analysts argue cycles are part-and-parcel regarding consolidation phases experienced thus far—Jack Sparrow disagrees entirely stating drastic shifts have occurred since introduction into mainstream financial systems globally such as ETF offerings now available providing institutional access previously unavailable before these developments took place over time gradually reshaping the landscape altogether beyond recognition today.

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