Altcoin investors beware: BTC dominance is running for a record!

Bitcoin ($BTC ) dominance continues to suppress the altcoin market by reaching its highest level since April 2021 with 58.78 percent.

Bitcoin, which tested $ 67,500 with its latest rise, caused a decline in the altcoin market. Continuing its upward movement with the dominance, BTC broke a three-and-a-half-year record. BTC dominance reached its highest level since April 2021, ringing alarm bells for altcoins.

According to TradingView data, Bitcoin dominance reached its peak in three and a half years with 58.77 percent during the night hours. Some traders believe that the rise in Bitcoin's dominance will be short-lived and will soon decline. In such a scenario, sharp increases can be expected in altcoins.

ICT Crypto founder Benjamin Cowen stated in a post on October 16 that Bitcoin dominance could reach 60 percent. Crypto investor Coach K Crypto argued that Bitcoin dominance has peaked in the current cycle.

When historical data is examined, Ether has generally been one of the cryptocurrencies that have positively diverged when Bitcoin dominance has fallen. However, according to TradingView data, the BTC/ETH parity has fallen below 0.039. The data in question reveals that Ethereum is gradually losing value against Bitcoin and that altcoins may be crushed even more.

Bitcoin has been mostly showing a sideways price movement since it reached $73,738 in March. Institutional investors are increasingly interested in BTC. As of October 15, a net inflow of $371 million was recorded in spot BTC ETFs.

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