After BlackRock applied for an ETF, the transition of money in the market to Bitcoin (BTC) accelerated, reaching a two-year peak in dominance.
BTC Dominance, which has been on the rise since December 2022, exceeded 50 percent and reached its highest value in two years. The sanctions of the regulators on altcoins and the announcement of large companies that they are selling altcoins in the past days have caused the money in the crypto market to shift to BTC. The crypto investor who has withdrawn from altcoins has mostly spent their holdings on Bitcoin and Tether (USDT). The fact that the level of dominance reached these values caused a discussion by dividing the investors into two.
Dominance in Altcoins Is Decreasing
The investor mass, who took a step back with the decrease in trust in altcoins, quickly increased the BTC Dominance. Although BTC is at $26,800, most altcoins are trading below the price in early 2023. In the crypto industry, where fud news has increased in recent weeks, if the transitions to BTC increase, the sales wave in altcoins may grow.
Compared to previous periods, when BTC was in the $ 16,000 – $20,000 band, most altcoins were hovering above their current value. Altcoins, which could not increase despite the fact that BTC gained more than 50 percent on average, once again showed the importance of Dominance.
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Blackrock’s spot ETF filing and the Securities and Exchange Commission’s crackdown on crypto are driving investors towards Bitcoin.
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