Bitcoin dominance is 58 percent after 3.5 years: Awakening signal for altcoins?

Bitcoin dominance, which is closely followed for possible increases especially in altcoins, reached 58 percent for the first time in 3.5 years.

Bitcoin dominance, which shows Bitcoin's share of cryptocurrencies in the total market capitalization, has reached its highest level since April 2021. The dominance, which has progressed between 56.8 percent and 57.7 percent for weeks, is 58 percent for the first time in 3.5 years today.

Bitcoin dominance reached 58 percent after 3.5 years.

This data is closely monitored to understand when strong movements will start, especially in altcoins. Because the periods when the dominance starts to peak and decline, historically coincide with the beginning of bull markets in altcoins.

Some analysts are of the opinion that the dominance, which has risen to 58 percent, is now very close to the top. Michael van de Poppe, founder of MN Consultancy, predicts that the dominance is located in the region where the bear market in altcoins will end. Emphasizing that everything depends on ETH, the analyst commented, "Considering the current weather, we seem to be close."

While the Bitcoin dominance continues to rise, the ETH/BTC parity also fell to its lowest level in 3.5 years. The parity, which has been in a steady decline since September 2022, has fallen below 0.04 years later today and has seen 0.03955. Ethereum abandoned the Proof of Work (POW) mechanism in September 2022 and switched to Proof of Stake (POS). Ether has lost 53 percent of its value against Bitcoin since this update, which is called "Merge".