Market Wrap: Bitcoin Dominance Rises as Altcoins Underperform

Posted on by American Coins & Gold

Market Wrap: Bitcoin Dominance Rises as Altcoins Underperform
Bitcoin surged toward $54,000 on Wednesday, the highest level in almost five months. The cryptocurrency is up about 8% over the past 24 hours, compared with a 3% rise in ether over the same period.Analysts pointed to renewed bullish sentiment ahead of the U.S. Securities and Exchange Commission’s (SEC) decision on a bitcoin ETF, which could occur in the coming weeks.In the bitcoin futures market, front-month contracts based on the Chicago Mercantile Exchange (CME) were trading at an annualized premium of 12.8% to the spot price, which is the highest level since mid-April. A futures-based ETF, if approved, could bring…