Katie Stockton, founder of Fairlead Strategies, a well-known name on Wall Street, suggested that the increasing market dominance of Bitcoin (BTC) could hit altcoins.
Katie Stockton, founder of Fairlead Strategies Monday, October 16 day Bitcoin dominance (dominance) He made remarkable statements about the Bitcoin dominance Since April 2021 Pointing out that it has reached its highest level, Stockton said that this situation altcoins more more value to the loss He argued that he could push it.
According to data, Bitcoin dominance on October 16 52.45% rising to the level the highest level in the last 2.5 years saw. Bitcoin dominance has been around for a long time Consolidated between 38% and 49% was happening, but this breakout excited many analysts, including Stockton.
In his statement on the subject, Bitcoin is the next resistance Up to 60.17% Emphasizing that Bitcoin may continue to rise, Stockton said a better performance while waiting for it to show For altcoin investors He warned:
Bitcoin dominance is poised to rise even further, especially after unraveling a two-year trading range this summer. Our long-term trend following indicators also support that further Bitcoin dominance has room for the next resistance. We expect Bitcoin to outperform altcoins and altcoins to give back the gains made in the first half of 2021.
It’s happened before
Bitcoin January 4, 2021 on 75% dominance level, it also experienced a significant price increase. At that time altcoins almost he was losing blood. Then, investors sold their Bitcoins and turned to altcoins, which started a new altcoin bull and led to Bitcoin market dominance. 2021 to june much 40% caused it to fall to its level.
According to the general opinion in the cryptocurrency market, the factors that started the bull run are primarily Bitcoin and the increase in Bitcoin dominance. When Bitcoin reaches sufficient saturation in its rise, dominance declines and bull season for altcoins starting.
Bitcoin dominance at the time of writing according to Tradingview data 51.90% It is located at the level.