Bitcoin dominance hits highest in three years...affected by altcoin slump

Bitcoin managed to rebound slightly and rose to the $65,500 range, while Bitcoin dominance hit its highest since April 2021, outperforming altcoins.
As of 3:05 p.m. on the 20th (Japan time), Bitcoin was at 10:00 p.m. on the virtual currency market site CoinMarketCap.
It is up 0.1% from 24 hours ago to $65,495 (approximately 10.4 million yen). Bitcoin dominance, which indicates the market power of Bitcoin, is a platform for the virtual currency market.
According to the CoinGeco metric, the price of Bitcoin rose to 52.92%, the highest level since April 2021.
When the price rises, market funds tend to gather on the Bitcoin side. This also affects the slump of altcoins, which are virtual currencies other than Bitcoin, but in reality,
Altcoins such as Ethereum and Solana are sluggish. At the same time, Ethereum was up 0.65% from the previous day to the 3,500 dollar range, while Solana was up 2.9
It is trading at the $135 range, down 3%. However, Cryptoquant CEO Joo Ki-young said of the current market situation, "We are at the beginning of the altcoin season.
"Ethereum's MVRV (market value relative to realized value) is rising faster than Bitcoin's MVRV, but this is due to the fact that it is based on on-chain fundamentals.
"This suggests that the Ethereum market is overheating," he continued. "Considering the ETF situation, it is possible that only Ethereum will rally," he added. "However,
"Historically, when Ethereum rises, other altcoins tend to rise with it," he added.