Bitcoin hit a new high of $SOL #BinanceAlphaAlert $111,000 on Wednesday, driven by strong investments in U.S. spot Bitcoin exchange-traded funds (ETFs) and favourable global economic conditions. Since the beginning of May, the value of bitcoin has increased by more than 18%, mainly due to a net investment of more than $2.8 bn in US ETFs, bringing the total investment to more than $122bn.
According to Etoro Australia analyst Reece Hobson, there are several reasons for bitcoin's record-breaking performance, including institutional investments by US spot bitcoin ETFs and the bitcoin halving in April that has limited supply. In addition, macroeconomic factors such as rising liquidity, the weakness of the US dollar, and global geopolitical instability have also reinforced this trend.
However, analysts are now focused on whether this breakout could usher in the "alt season," when bitcoin's market share (dominance) reaches 70 percent and liquidity increases. Currently, Bitcoin's market dominance is around 61%.
According to Mina Theodorou, co-founder of Australian crypto exchange Coinstash, a widespread altcoins rally is not possible in the near term as bitcoin is still in the price discovery phase and bitcoin is absorbing most of the market's liquidity. Therefore, it is more likely to see strength in a few selected altcoins and sectors. Although Ethereum's performance has been slow, newer tokens such as Solana and Sui have fared better, as investors are shifting to platforms that provide scalability and the attention of developers.
Reece Hobson says that the story of the market is Bitcoin and it will continue until then until the start of the season.

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