Bitcoin (BTC) dominance continues to put pressure on the altcoin market, reaching its highest level since April 2021 at 58.78%.
Bitcoin, which tested $67,500 with its recent rally, led to a decline in the altcoin market. Continuing its dominant upward movement, BTC broke a three-and-a-half-year high. BTC dominance hits highest level since April 2021, sounding alarm bells for altcoins.
What do experts say about Bitcoin dominance?
According to TradingView data Bitcoin Its dominance peaked in three-and-a-half years with 58.77% in the night hours. Some traders believe that Bitcoin’s rise to dominance will be short-lived and will soon begin to decline. In such a case, altcoins can be expected to rise rapidly.
ICT Crypto founder Benjamin Cowen said in a post on October 16 that Bitcoin’s dominance could reach 60 percent. Crypto investor Koch’s Crypto argued that Bitcoin’s dominance has peaked in the current era.
BTC maintains its lead over ETH.
Looking at historical data, Ether is usually Bitcoin. dominated It became one of the cryptocurrencies that diverged positively when falling. However, BTC/ETH parity fell below 0.039, according to TradingView data. The data in question shows that Ethereum is slowly losing value against Bitcoin and may further crush altcoins.
Bitcoin has followed a mostly horizontal price movement since reaching $73,738 in March. Institutional investor interest in BTC is increasing. As of October 15, spot BTC ETFs recorded net inflows of $371 million.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
