While Bitcoin exceeded $26,000 last night after the Fed kept interest rates constant, it fell sharply after Powell's statements.
While BTC fell below $25,000 with this decline, altcoins experienced a decline led by Ethereum.
While ETH declined to the levels of $ 1,620, it lost 10% in the last week. In this process, losses in Bitcoin were limited to 5%.
While altcoins are trading well away from their peaks, Bitcoin dominance has risen to 45.84% today, a level not seen in the past two years.
Evaluating the increase in Bitcoin dominance, experts said that this increase shows that investors are flocking to Bitcoin, the world's first and largest cryptocurrency, instead of altcoins.
In addition, analysts stated that this increase was due to the SEC's designation of some altcoins as securities, which is why investors turned to BTC.
“This increase coincides with the time the SEC filed lawsuits against cryptocurrency exchanges Binance and Coinbase, claiming that most tokens are securities, with several altcoins claiming to be securities.
The price of the mentioned altcoins has dropped since the lawsuits, but the price of Bitcoin has remained relatively stable. In this stability, the Bitcoin halving in April or May 2024 may also be a factor.
*Not investment advice.
