Long awaited approval spot Bitcoin ETFFollowing the news that the BTC It rose to over $30,000.
However, it was later realized that this news was fake. Bitcoin It returned to the $ 28,000 level again.
While Bitcoin’s rise and fall occurred in approximately 15 minutes, leveraged transactions worth over $100 million were liquidated.
While there is movement in Bitcoin price, measuring its share in the total crypto market Bitcoin dominance rate It reached its highest level in 2.5 years with 52.55% on Monday.
Speaking to Coindesk at this point, Katie Stockton, founder and managing partner of Fairlead Strategies He said that this rise in Bitcoin dominance may continue.
“According to our analysis, Bitcoin dominance reached 60% during the hazy crypto bull market days of March-April 2021.
However, this situation reversed and fell to 40%. At this point, it is likely that Bitcoin dominance will reverse this decline and continue to rise in the coming days.
Investors then converted the money from the relatively expensive Bitcoin into altcoins. Investors’ return to altcoins led to a decrease in BTC’s dominance rate.
After Bitcoin dominance has established itself at a higher level, it is poised to rise even higher.
Our long-term trend following indicators support further gains in Bitcoin dominance.
“At this point, we expect Bitcoin to outperform altcoins and further reverse altcoin gains made in the first half of 2021.”
Bitcoin Its dominance is trading at 51.82% at the time of writing.
*This is not investment advice.
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