Bitcoin dominance rebounds to 22-month high

 The banking crisis underpinned bitcoin (BTC). This is shown not only by the rise in the price of the queen cryptocurrency, which has benefited greatly from the bankruptcy of Silicon Valley Bank and the recent collapse of PacWest, but also by the dominance rate. value of bitcoin, has rebounded to its maximum of the last century. Last 22 months up to 49%.

 Bitcoin dominance is the ratio of bitcoin's market capitalization to the rest of the cryptocurrencies in the market. A higher dominance rate usually indicates superiority to the rest of the market.

 According to Decentral Park Capital manager Lewis Harland, the growing dominance of the bitcoin market amid banking industry turmoil and stock market declines is proof that cryptocurrencies are increasingly attractive as a haven. safe haven against the US dollar or bet on dollar weakness as well as gold and oil.

 “BTC performed better in the crypto market as the share prices of regional banks collapsed. This indicates that BTC is a high-quality liquid anti-dollar game for investors as the crisis continues to develop,” he explained in the statement to ‘CoinDesk’.

 According to this expert, the crypto queen is threatening to break the 3-year oscillator pattern. Therefore, if it exceeds 50%, "it could signal a new market mode of prolonged BTC outperformance in the market."

 Some experts believe that the crypto market will experience a correction in the coming weeks after performing well in the first quarter of the year. If so, bitcoin could do well, as investors tend to bet on less risky traditional assets or more consolidated digital assets, such as the queen cryptocurrency.