According to ChainCatcher, Citibank released a research report on Thursday, where analysts led by Alex Saunders wrote that digital asset-friendly Paul Atkins has been nominated to serve as SEC Chairman, providing the final push needed for Bitcoin to break through 100,000.
As adoption rates increase, Bitcoin continues to be supported by ETF funds and other purchasing power. However, altcoins may benefit more from a looser regulatory environment, and Bitcoin's dominance has recently declined.
Analysts added that there has not yet been a noticeable increase in on-chain activity. In the long run, the utility or value of the network will be linked to its usage, macro correlation, and production costs.
