Bitcoin, which was more stable in September compared to August, rose above $27,000 before the FED decision.
BTC, which experienced a decline due to the impact of the
The market dominance of BTC, currently at $27,100, is also increasing.
Bitcoin market dominance rate, which tracks Bitcoin’s share of the total digital asset market, rose to 50.2%, reaching its highest level in a month.
At 50.2%, Bitcoin dominance is close to the 52% level seen at the end of June, the highest level in the last 26 months.
As you may remember, in June, BlackRock, the world’s largest asset manager, applied for a spot Bitcoin ETF. After this application, Bitcoin dominance increased to 52%.
Speaking at this point, analysts stated that Bitcoin dominance could rise even further, saying that hopes for the approval of the spot Bitcoin ETF and regulatory actions could be further catalysts for the Bitcoin price.
Pointing out that altcoins are on the verge of potential decline, Matrixport research head Markus Thielen said:
“Risks in the altcoin market include token sales by the bankrupt
exchangeFTX, the decline in Ethereum protocol revenues, and the unlocking of tokens that result in venture capital investors selling tokens.
If we look at Bitcoin, BTC peaked in July 2023, and the largest altcoin Ethereum (
ETH) peaked in April.
“At this point, while spot Bitcoin ETF news has been a catalyst for BTC price, it hasn’t really benefited altcoins, not even ETH.”
Apart from Markus Thielen, analyst Noelle Acheson also evaluated the situation of Bitcoin.
Stating that the crypto rules published by the New York Department of Financial Services (NYFDS) will benefit Bitcoin, Acheson said, “These rules have had a sudden impact on crypto markets, and this sudden impact can provide more returns to BTC as it reinforces its status as a safe crypto asset.” said.
*This is not investment advice.