Bitcoin up 8% in Q2

Bitcoin (BTC) has shown growth for two quarters in a row, Bloomberg reports.

In April-June, the value of the cryptocurrency increased by about 8%. The biggest increase was observed in June against the backdrop of reports about the readiness of giants such as BlackRock and Fidelity to issue bitcoin-ETF exchange-traded crypto funds.

At the same time, most altcoins, on the contrary, decreased in the second quarter of 2023. The Bloomberg Galaxy Crypto 100 Index lost 26%, its sharpest decline since 2020.

Bitcoin dominance increased to 50.4%.

According to OrBit Markets analyst Caroline Mauron, BTC’s market share will increase in the coming months. In addition, she predicted an increase in demand for options and futures on bitcoin, as traders seek to hedge risks after tightening the policy of the Securities and Exchange Commission (SEC) in relation to market participants, including Coinbase and Binance.

Tony Sycamore of IG Australia Pty believes BTC will be challenged to reach $32,375 in the third quarter.

In annual terms, the value of the cryptocurrency increased by 86%. Bloomberg estimates that if BTC continues to strengthen in the coming months, then altcoins may face capital outflows.