The intensification of the conflict between Israel and Iran has thrown a shadow on the financial markets, and cryptocurrencies are no exception.
While Bitcoin (BTC) has managed to demonstrate a certain resilience, trying to maintain above the price bar of $ 100,000, altcoins are unleashed under geopolitical pressure, underperforming the king’s room by significant margin.
Bitcoin’s market share increases while Ethereum and Altcoins are late
Since June 13, after Israel has led a major operation against Iran, the domination of Bitcoin has climbed. It is currently 65.30%, up almost 1% since the first attack in Israel.
On the other hand, the Altcoin market capitalization, excluding the best 10 parts, dropped during the same period. Others, which follows the market share of Altcoin, continued to drop and are currently 230.08 billion dollars.
At the same time, the ETH / BTC ratio fell, pointing out that Ethereum – as well as most Altcoins – continued to underform the BTC. Even the King Coin itself had trouble maintaining the momentum, weakening the larger Altcoin market more.
All signs indicate a conclusion: the Altcoin season may not be ready.
Bitcoin domination climbs as the Middle East disorders delay the Altcoin season
In an exclusive interview with Beincrypto, Agne Linen, responsible for growth in Wefi, confirmed that during periods of global disorders like this, it is not uncommon for investors to transmit their capital in assets they deem safer.
“As a general rule, during global conflicts that affect political and macroeconomic stability, investors tend to move from their capital to risky assets to those perceived as safe shelters,” said linen. “Previously, it was gold and treasure vouchers; However, we can now see that Bitcoin also acts as a digital refuge. ”
According to linen, while the conflict rages between Israel, Iran and the United States, this rotation in capital can be gleaned from the decline of others. At the time of the press, this is 230.71 billion dollars, which allowed $ 12 billion in ten days.
“Altcoin market capitalization, excluding the 10 best parts, has dropped immediately when the conflict began to intensify.
She also noted that the growing domination of the BTC in the middle of the current conflict confirms the rotation of capital in the medal.
“BTC.D indicates the domination of bitcoin against altcoins, and it has increased since the start of the conflict,” said linen.
To date, the domination of the BTC is 65.30%. For the context, he briefly reached a multi -year summit of 65.95% Sunday before retreating slightly.
During the same period, the ETH / BTC ratio decreased.
“The ETH / BTC ratio is also an important indicator, because the majority of Altcoins are based on the Ethereum blockchain, and the increasing report means that Ethereum surpasses the BTC. The report has fallen since June 16 and has remained stagnant,” she added.
These readings suggest that even with the relatively stagnant price of the BTC, its domination of the market remains strong, delaying the Altcoin season more.
Still in the Bitcoin season
The readings of the Altcoin season index indicate that the market remains firmly in a phase dominated by the BTC. An Altcoin season begins when at least 75% of the first 50 altcoins surpass the BTC over a period of 90.
According to the Blockchain Center, only 16% have managed to do so in the last 90 days, showing a gap in Altcoin’s performance and suggesting that a real Altcoin season is still far away.
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