Bitcoin Claims Its First Severe Dominance in 2018

BTC Wires: The dominance of Bitcoin in the crypto-market shares has continued to peak over the recent few days, hitting their highest scores in 2018 and nearing the 50% share holdings mark for the first time since December 2017.

Interestingly, the United States SEC has delayed the decision regarding the proposed Bitcoin ETF till at least September 30 (which was previously expected to be sometime in August). This new development caused the market price of Bitcoin to fall around $500 over 6 hours, bringing it to about $6,500.

This rise in the Bitcoin market holdings despite difficulties and price plummets, is a sign that it is more in demand than the alternate digital currencies in the market, and could mean well the for the future of Bitcoin. They had seen a similar market dominance earlier this year, just prior to Bitcoin peaking at $8,400.

After the Gemini-famed Winklevoss twins’ bid for their own ETF was turned down last year, the entire crypto community had been eagerly waiting for the Bitcoin ETF decision.

If the ETF happens, it will be the very first product of its kind in finance, and is expected to open up Bitcoin and other crypto-investments to the common consumer market. This is essentially because investors won’t actually have to buy the asset underlying for the ETF, as the ETF will track the the asset value and would be listed under an exchange.

The proposal for the ETF was submitted by financial firms Solid X and VanEck. The Bitcoin ETF proposal has already been refused by the SEC twice, and is VanEck’s third attempt to see it through.

Goldman Sachs, on the other hand, is now considering expansion into cryptocurrencies. According to reports, the banking giant is looking into acquiring crypto securities on behalf of funds.

“In response to client interest in various digital products we are exploring how best to serve them in this space,” a spokesperson from Goldman Sachs explained to reporters. “At this point we have not reached a conclusion on the scope of our digital asset offering.”