Although Bitcoin fell slightly after the tension between Israel and Hamas began, it is trying to maintain the $ 27,000 level.
While BTC is trying to maintain its current level, BTC dominance has approached its highest level in the last few years.
According to TradingView data, Bitcoin dominance has increased to 51.2%, approaching the two-year high of 52% seen in June.
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.
Experts largely attributed this increase to the economic uncertainty resulting from the ongoing Middle East crisis and said that it is normal for Bitcoin, which is seen as a safe haven in the crypto market, to increase its dominance, especially in times of uncertainty.
What is Bitcoin Dominance?
Bitcoin dominance is a data showing what percentage of the total money in the market is in BTC.
In general terms; It is understood that when this rate decreases, money flows into altcoins, and when it increases, money flows out of altcoins and this money flows into BTC.
*This is not investment advice.