👀👀Altcoins can't rise: That statistic created panic! 👀👀

Bitcoin's market dominance has reached a three-year high since April 2021, rising to 52.7 percent.

While on Monday, June 22, Bitcoin's dominance was just 48.2 percent, this quickly rose to 51.9 percent immediately following the launch of ETH ETFs on Tuesday, gradually increasing throughout the week. This happened despite its focus on ETH and its ETFs.

On the other hand, a significant weakness was observed in the price movements of ETH. Many altcoins have also performed poorly against Bitcoin, contributing to Bitcoin's dominance reaching three-year highs.

This relative strength in Bitcoin can be attributed to several factors. Some of these factors are the lack of Grayscale's GBTC conversion, Grayscale's struggle with ETHE outflows, unlike ETH, and the fact that Bitcoin has a more established structure than ETH in terms of spot ETF.

In addition, 2024 US presidential candidate Donald Trump's positive comments about Bitcoin directed attention to Bitcoin. Trump's recent support for Bitcoin and his possible positive statements may have been priced in by the market.

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