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 Bitcoin, the largest cryptocurrency, continues to increase its market dominance, potentially shaking the altcoins. According to Tradingview data, <a href="https://en.coin-turk.com/bitcoin-and-ethereum-current-predictions-and-medium-term-targets/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> dominance has reached 54.4%, the highest level since April 2021. Market <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">analyst</a> Noelle Acheson pointed out that Bitcoin has outperformed altcoins due to narratives about a spot ETF and being a safe haven. 
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 <h2 id="bitcoin-s-dominance-rises-with-its-price">Bitcoin’s Dominance Rises with Its Price</h2>
 <p>The BTC.D chart, which represents Bitcoin’s market share against altcoins, has hit the highest point in the last 30 months. This increase implies that Bitcoin is outperforming most altcoins. According to TradingView, BTC.D, which measures the market share of the largest cryptocurrency, has risen to 54.4%, the highest since the bullish market in April 2021. A rate above 50% means Bitcoin is worth more than the total market value of all other cryptocurrencies combined.</p>
 <p><img decoding="async" class="aligncenter wp-image-103892 size-full" src="http://en.coin-turk.com/wp-content/uploads/2023/10/crypto.png" alt="" width="1360" height="906" srcset="https://en.coin-turk.com/wp-content/uploads/2023/10/crypto.png 1360w, https://en.coin-turk.com/wp-content/uploads/2023/10/crypto-255x170.png 255w, https://en.coin-turk.com/wp-content/uploads/2023/10/crypto-768x512.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/10/crypto-1200x799.png 1200w, https://en.coin-turk.com/wp-content/uploads/2023/10/crypto-488x325.png 488w" sizes="(max-width: 1360px) 100vw, 1360px"></p>
 <p>The BTC.D chart fluctuated between 39% and 49% for almost two years until mid-June. This breakout in the chart coincided with BlackRock’s application to the U.S. Securities and Exchange Commission (SEC) to introduce a spot Bitcoin ETF, and Bitcoin’s price surge above $30,000.</p>
 <p>Experts in the market are almost certain the SEC will approve an ETF. This demonstrates a positive narrative dominating the investment environment for cryptocurrencies, as it might create a new demand wave for Bitcoin.</p>
 <h2 id="underperformance-of-ethereum-eth-and-altcoins">Underperformance of Ethereum (ETH) and Altcoins</h2>
 <p>According to Noelle Acheson, author of the “<a href="https://en.coin-turk.com/cryptocurrency-regulation-congress-committee-advances-proposed-law/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto</a> Is Macro Now” newsletter and market analyst, the rise in BTC.D can be attributed to the cryptocurrency market cycle and Bitcoin’s appeal as a less risky asset compared to altcoins, including Ethereum (ETH). In her statement, Acheson said, “Bitcoin tends to lead the crypto market at the beginning of a cycle, but as investors become more comfortable moving up the risk curve and smaller altcoins lag in performance, dominance is lost.” She also added, “The narratives of ETF and safe haven are emerging as tailwinds for BTC, while ETH faces regulatory challenges and update uncertainties.”</p>
 <p>Current data shows Bitcoin’s price has increased by 32% over the past month. During this period, the price of ETH increased by 12%, and its value against BTC (ETH/BTC) is nearing unseen levels since May 2021. A closer look at the price charts highlights the performance disparity: Bitcoin’s price has doubled since the beginning of the year, while ETH’s price has increased by approximately 50%.</p>
 <p>On the other hand, Bitcoin’s upward momentum might be signaling an impending altcoin rally. John Glover, the Chief Investment Officer of crypto lending institution Ledn, commented, “Historically, when Bitcoin’s price rises, the money tends to flow into altcoins. This suggests the introduction of one or more spot ETFs might trigger the next big bull run in the entire crypto market.”</p>
</article> Continue Reading: <a href="https://en.coin-turk.com/bitcoins-rising-dominance-a-premonition-for-altcoin-rally/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/bitcoins-rising-dominance-a-premonition-for-altcoin-rally/</a>

Bitcoin’s Rising Dominance: A Premonition for Altcoin Rally?

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