👍👍Altcoin investors be alert: BTC dominance is running for a record! 👍👍

Bitcoin (BTC)$BTC

dominance continues to put pressure on the altcoin market by reaching its highest level since April 2021 with 58.78 percent.

Bitcoin, which tested $ 67,500 with its latest rise, caused a decline in the altcoin market. BTC, which continues its upward movement with the increase in its dominance, broke a three-and-a-half-year record. According to TradingView data, Bitcoin dominance reached its peak in the last three and a half years with 58.77 percent during the night hours. Some traders believe that this increase in Bitcoin's dominance will be short-lived and will decline soon. In such a case, it is thought that there may be sharp increases in altcoins.

ICT Crypto founder Benjamin Cowen stated in a post on October 16 that Bitcoin dominance could reach 60 percent. Crypto investor Coach K Crypto argues that Bitcoin dominance has peaked in the current cycle.

BTC Maintains Superiority Over ETH

According to historical data, Ethereum has generally been one of the cryptocurrencies that has positively diverged during periods when Bitcoin dominance has fallen. However, according to TradingView data, the BTC/ETH parity has fallen below 0.039, indicating that Ethereum has lost value against Bitcoin and that altcoins may be under more pressure.

Bitcoin has mostly been exhibiting sideways price movement since it reached $73,738 in March. Institutional investors' interest in BTC is increasing; as of October 15, a net inflow of $371 million was recorded in spot BTC ETFs.

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