Bitcoin dominance index reached an important level of 65.09 %, according to the latest table From Tradingview. Consequently, the leading cryptocurrency confirmed its dominance on the cryptocurrency market.
This scale is a major indicator used by traders and investors to measure the BTC power against Altcoins. During the past few months, bitcoin dominance has been steady.
The graph shows that this dominance increased from less than 48 % to more than 65 %. This height indicates that more capital flows to Bitcoin more than altcoins.
Introduction from the bull?
This increasing dominance also shows that Bitcoin investors’ confidence increases during the conditions of the unspecified market. In addition, it indicates that they prefer the relative stability of the leading cryptocurrency compared to most Altcoins, which offer greater price fluctuations.
Historically, a rise in bitcoin dominance occurs in the early stages of bull encryption or market unification, when investors transfer money from Altcoins to BTC.
The increase in this scale may also mean that merchants are preparing for a tremendous change in the price of bitcoin, which may serve as the outbreak of the highest new prices.
Bitcoin trading is 23.91 billion dollars, indicating that the continuous activity of the benefits and trading in encryption assets.
Altcoins loses the land on bitcoin
An increase in Bitcoin’s dominance also means that low -performance Altcoins compared to BTC. Weak performance can be due to many factors, such as the perception of institutions that Bitcoin is the “backup” in the encryption market.
Other factors include “journey to safety” and organizational concerns. During periods of fluctuations in the cryptocurrency market, investors usually pay more money to bitcoin.
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They consider this the most valuable and established liquid encryption origin, a period known in encryption circles as a “journey to safety”.
Also, the latest ALTCOINS faces more organizational scrutiny than Bitcoin, which is the most firm and older digital currency.
When there are cases of uncertainty surrounding Altcoins, investors transfer money from them to Bitcoin.
The combination of the increasing level of domination and its strong size indicates that investors are optimistic about the leading digital assets with our transfer to the year.
Another major engine in the latest budco bias for Bitcoin is the last report presented by U.Today that New Hampshire has become the first American state to pass the strategic Bitcoin reserves.
