Bitcoin Dominance Is Rising! How Will This Affect BTC and Altcoins? Analysts Evaluated!

which is more stable in September than in August Bitcoinrose above $27,000 before the Fed decision.

Made last night Binance SEC experiencing a decline due to the impact of the trial BTCrecovered again and rose above $27,000 again.

The market dominance of BTC, currently at $27,100, is also increasing.

Bitcoin market dominance rate, which tracks Bitcoin’s share of the total digital asset market, rose to 50.2%, reaching its highest level in a month.

At 50.2%, Bitcoin dominance is close to the 52% level seen at the end of June, the highest level in the last 26 months.

As you may remember, the world’s largest asset manager in June BlackRock spot Bitcoin ETF had applied. After this application, Bitcoin dominance increased to 52%.

Speaking at this point, analysts stated that Bitcoin dominance could rise even further, saying that hopes for the approval of the spot Bitcoin ETF and regulatory actions could be further catalysts for the Bitcoin price.

Pointing out that altcoins are on the verge of potential decline Markus Thielen, head of research at Matrixportsaid:

“Risks in the altcoin market include the token sales of the bankrupt exchange FTX, the decline in Ethereum protocol revenues, and the unlocking of tokens that result in venture capital investors selling tokens.

If we look at Bitcoin, BTC peaked in July 2023, and the largest altcoin Ethereum (ETH) peaked in April.

“At this point, while spot Bitcoin ETF news has been a catalyst for BTC price, it has not really benefited altcoins, not even ETH.”

Analysts outside Markus Thielen Noelle Acheson He also evaluated the situation of Bitcoin.

Crypto rules published by the New York Department of Financial Services (NYFDS) BitcoinStating that it will benefit , Acheson said, ““These rules have had an immediate impact on crypto markets, which could provide further returns for BTC as it solidifies its status as a safe crypto asset.” said.

*This is not investment advice.

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