Bitcoin's share in the $1.1 trillion cryptocurrency market has risen to 48.5% as of Tuesday, reflecting a shift among investors towards safer assets, according to data from CoinGecko. This quarter, Bitcoin saw a 2% gain, while its main competitor Ether experienced a 6% drop. This comes despite the introduction of Ether futures ETFs in the United States last October, which failed to attract significant interest.
The year-to-date performance of Bitcoin peaked at a 90% increase but now stands at 67%, while Ether's growth bounced from 77% to its current 32%. Caroline Mauron of OrBit Markets interprets these trends as reinforcing Bitcoin's role as a safe haven or diversification tool in traditional investments.
The ongoing US trial of Sam Bankman-Fried over the collapse of the FTX exchange has underscored the risks inherent in the sector. Vetle Lunde from K33 Research highlighted Bitcoin's appeal over Ether, with recent prices reported at $27,677 and $1,588 respectively.
Historically, Bitcoin has seen an average rise of 24% in October and typically gains 16% following a four-week rise. The current market dynamics seem to be supporting this trend, further solidifying Bitcoin's position as the leading digital asset among investors.
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