Bitcoin is the most valuable cryptocurrency in the world for the first time since April 2021

Bitcoin is the most valuable cryptocurrency in the world for the first time since April 2021

The whales have accumulated $3.5 billion of BTC since April, Santiment said.

Bitcoin has been the most valuable cryptocurrency for more than half of the cryptocurrency market for the first time since April 2021, indicating that the most valuable cryptocurrency may be gearing up for a pre-halving bull market.

TradingView found that Bitcoin accounts for 50.06 percent of the total market cap of the top 125 digital assets, evidence of BTC's resilience during the recent Altcoin rout.

At the start of 2021, Bitcoin's share of the market collapsed from almost 70% to 48%, resulting in a dip in the market that has since fluctuated between 40% and 48%.

The relative performance of Bitcoin is expected to continue with a halving in ten months. The rate of BTC issued to Proof of Work miners is cut by half every four years, with the event previously forecasting new all-time highs for Bitcoin and the broader cryptocurrency markets.

The Bitcoin network generates a daily block of about 625 BTC, or roughly 900 BTC. After the next halving, expected to take place in late April 2024, 3.125 new Bitcoin will enter circulation with each block.

BTC is the 20th-best performing cryptocurrency among the top 100 digital assets by market cap over the past seven days, with a 2.7% gain. In a sluggish week for markets, only 29 of the top 100 cryptocurrencies gained more than 1%.

BTC has experienced a 68% surge since the beginning of the year, according to The Defiant Terminal.

Bitcoin's price action also follows BlackRock's request for a Bitcoin exchange-traded fund, a surge in on-chain activity surrounding digital tokens and heavy accumulation from whales.

BlackRock, the world's biggest asset manager with $ 8.6T in assets, filed a Bitcoin ETF with the SEC on June 15th. Bitcoin custody and price data services for the ETF will be provided by Coinbase, the top U.S.-based centralized exchange, while BNY Mellon will be its cash custodian.

A Bitcoin ETF's shareholders would be traded on a traditional exchange, providing retail investors with exposure to BTC through a regulated platform. Despite receiving numerous previous applications, the SEC is yet to approve a Bitcoin ETF.

In April, the number of transactions processed by the Bitcoin network surged to all-time highs above 350,000 due to a surge in activity driven by interest in digital tokens.

Ordinals, a inscription method used to create assets resembling NFTs, was launched in January and followed by the BRC-20 token standard, which drew inspiration from Ethereum's ERC-20 tokens, resulting in new use cases for the Bitcoin blockchain.

With over 682,000 transactions per day in May, On-chain activity has since cooled down to 415,000 per day.

Bitcoin worth $3.5B has been added to wallets holding between 1,000 BTC and 10,000 BTC since April 4, according to Santiment. This whale has now reached a seven-month high in the amount of BTC it holds.

ETH's share was up 2.3% in the past seven days following a dip to $1,630 on Friday. The price of ETH has surged 44% since January.

The recent wave of memecoin trading appears to have ended on Ethereum, causing some to lose faith in on-chain activity. The number of NFT transactions on Ethereum has dropped 80% since March.

Cryptocurrency investor Ultra Sound Money says that Ethereum's burn rate fell short of offsetting new supply issuance during the past seven days, with 23 Ether added to ETH's circulating supply. The exchange's supply has dropped 281,909 ETH since The Merge went live 10 months ago.