The last time the CBOE launched a Bitcoin financial tool, futures, we saw $20k. Recently rising Bitcoin dominance shows people betting on the latest CBOE tool, ETF, being approved.
Bitcoin dominance is heading towards fifty percent by marketcap. What does this mean for the price and how should traders and investors view it? Marketcap is by far not the best metric to read dominance, but that doesnt mean it cant add value to your trading.
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https://soundcloud.com/buy-or-sell-what-the-hell/does-bitcoin-dominance-matter-to-traders-35The reason for fall of bitcoin from the start of 2018 is the introduction of bitcoin futures as many of the people speculate so I don't think that introduction of bitcoin futures was at all a good tactic in the mass adaption of bitcoin as it have made investors afraid before investing in bitcoin as its very volatile as the ath price was $20k and now the price is still in $6k range, so the investors are afraid to invest in Bitcoin.
No bitcoin cannot reach to this amount at the end of the year.Bitcoin's value depends on a number of factors.The forces of demand and supply,the amount of investments done in bitcoin,bitcoin mining etc all determine the prices.Although bitcoin is the topmost cryptocurrency but still it will take time.Introduction of so many cryptocurrencies have also decreased the market of bitcoin to a certain extent.Some countries have also banned bitcoin.
Himanshu111 is right, forces of demand&supply will determine the price. Correlation between price of Bitcoin and
ETF are thin, I think this news affect price changes same as news from China and their ban.
What ever they do I think they are making good commercial for Bitcoin and entire crypto-market. Maybe demand
will not rise enough to support Bitcoin price at $50k at the end of this year, but why not to look in more distant
future? That is possible in next 5-10 years and even faster, demand can rise enough for that time. There are positive
news all the time, good things are happening and that will have good results in few years.