Bitcoin dominance spikes to 44% as price climbs back above $42,000 - BitcoinEthereumNews.com
Today, Bitcoin climbs to $42,300 following positive sentiment over the Biden Administrations executive order on digital assets. While this is a far cry from Novembers $69,000 all-time high, it still brings welcome relief to investors who have faced huge uncertainties over the last five months. The executive order will bring about a cryptocurrency framework, which is said to balance responsible inovation with addressing risks. But what this means in practice is up for debate at this point. Nonetheless, markets consider the executive order an optimistic development. At the same time, Bitcoin dominance spikes higher, to 44% off the back of this event. $BTC price analysis Following a wretched start to 2022, Bitcoin is showing signs of a fightback. Although on-chain metrics paint a grim outlook, at least in the short term, bulls have posted three significant daily green candles since the end of January, with today being the latest instance of such. Although the recent price pattern canot be called bullish due to the absence of higher highs, a definite bottoming pattern is forming. Whether that translates to a leg higher in the coming days and weeks is anyones guess, mainly as macro uncertainty still hangs thick in the air. Even so, todays move takes Bitcoin decisively