The amount of Bitcoin being used has reached its highest level in years, according to The Block’s information. The digital asset now makes up 51. 5% of the whole cryptocurrency market, the highest it’s been since April 2021.
Bitcoin has been going up for more than two weeks, and just this past week it went up by 18%. It was sold for $33,909 at 1:30 p. m The information comes from CoinGecko.
Other digital currencies are not doing as well as bitcoin.
In comparison, ether did not do as well as BTC this week. It only went up by 13% in the last seven days. BNB did not do well, the token only increased by 4. 8% in the last week.
Bitcoin has become more popular because its price has gone up a lot in the past year. It has increased by about 100% since the beginning of 2023. Big investors are paying attention because the price of bitcoin has been doing better than stocks and bonds.
In a recent report by CoinShares, the growth of bitcoin’s power in the crypto market shows that the spot ETF story is causing the prices to change.
“Investors have tried to get in before the announcement, which seems very likely,” he said.
From October 10 to 24, the value of all cryptocurrencies combined went up from about $980 billion to $1. 236 trillion This shows that not only are people changing from other cryptocurrencies to bitcoin, but new money is also being put into the market.