Bitcoin (BTC) and the rest of the cryptocurrency market suffered greatly last weekend from escalating tensions in the Middle East. The price of Bitcoin fell hard, but altcoins were hit even harder. As a result, Bitcoin dominance, or Bitcoin's share of the cryptocurrency market, has risen to a notable peak. With the Bitcoin halving, one popular analyst predicts more pain for altcoins compared to Bitcoin.
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Bitcoin dominance is at its highest levels in years
On Saturday evening, as the cryptocurrency market turned into a bloodbath after Iran's attack on Israel, Bitcoin's dominance rose to its highest levels in 3 years. A peak of just over 57 percent was reached around 9 p.m. This represents the highest Bitcoin dominance since April 2021.
Bitcoin dominance refers to the share of Bitcoin in the overall value of the cryptocurrency market. It is calculated by dividing the market capitalization of Bitcoin by the market capitalization of all cryptocurrencies added together, and multiplying the result by 100.
Bitcoin's increasing dominance simply means that altcoins are underperforming the world's largest cryptocurrency. The turmoil in the Middle East sent most major cryptocurrencies down by 30% or more, while Bitcoin's price decline remained somewhat under control. Bitcoin's price only briefly reached a low of $60,000 on Saturday evening, reflecting a total decline of 15 percent in two days.
Popular cryptocurrency analyst Benjamin Cowen has his predictions on social media platform X subscriber To further develop BTC dominance. In his opinion, this percentage will rise further in the coming months to approximately 60 percent. This does not mean that he expects the price of Bitcoin to rise. In his opinion, altcoins will continue to lose ground in the cryptocurrency market.
The Bitcoin and cryptocurrency market has partially recovered
The cryptocurrency market started the new week strong today. Bitcoin price has already recovered to above $66,000. The approval of the first Bitcoin and Ethereum (ETH) spot trading funds in Hong Kong has contributed significantly to the market recovery.
While Bitcoin's price is already approaching its pre-crash level, many altcoins still have a long way to go. The long-awaited Bitcoin halving will also take place this week, putting Bitcoin in the spotlight.
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