Overall bitcoin’s share of the total cryptocurrency market has continued to grow in recent days, hitting new yearly highs and getting very close to the 50% mark for the first time since its massive bull run in December last year.
The recent uptick in market share has come after the U.S. Securities and Exchange Commission had delayed its decision on a bitcoin exchange traded fund until September 30. Analysis have previously expected the decision to be made in August.
Bitcoin’s price tumbled $500 in six hours alone after the news, finding new support at around $6,500.
What the rise in bitcoin’s market share essentially means is that the crypotcurrency is more in demand compared to its peers and that could signal a start of a bull run because most investors enter the market through bitcoin initially. A similar situation took place earlier this year when bitcoin rose to $8,400 after alternative coins lost dominance.
The bitcoin community has been eagerly awaiting EFT decision after last’s years setback when the Vinkelvoss brothers attempt was shot down by the U.S. Securities and Exchange Commission.
A bitcoin Exchange Traded Fund or EFT would be the first product of such kind as it could open cryptocurrencies to the mass market. When investors buy an EFT, they track the price of an asset but don’t actually have to buy the underlying asset. A third EFT launch has been brought forward by investment firm VanEck and the financial service provider Solid X after two of their previous attempts have been rejected by the SEC twice.
In the meantime the market is also awaiting more news from banking giant Goldman Sachs, who is considering holding bitcoin and cryptocurrency securities on behalf of its clients, and this could lift bitcoin significantly.