Middle East turmoil revelation: BTC (BTC) market share increases, altcoin season not coming this time?

Gate News, according to TapChiBitcoin report, the escalating conflict between Israel and Iran has cast a shadow over the financial markets, and the Crypto Assets sector is no exception. Although BTC (BTC) has proven to be resilient, maintaining above $100,000, Altcoin is facing geopolitical pressure and performing far less than the flagship assets.

BTC market share is increasing, while Ethereum and AltCoin are falling behind

Since Israel's large-scale attack on Iran on June 13, the dominance of BTC has increased. Currently, the dominance of BTC is 65.30%, rising by nearly 1% since the first Israeli attack.

On the other hand, except for the top 10 altcoins, the market value of other AltCoins has decreased during the same period, currently at $2300.8 billion.

At the same time, the ETH/BTC ratio is falling, indicating that Ethereum and most altcoins continue to underperform BTC. Even the 'leader' is struggling to maintain its bullish momentum, further weakening the entire altcoin market. All signs point to one conclusion: the Altcoin season may not have arrived yet.

Middle East turmoil delays AltCoin season, BTC dominance rising

WeFi's CEO Agne Linge confirmed in an interview that, in this global period of uncertainty, it is not uncommon for investors to transfer funds to assets they consider safer.

Usually, during global conflicts that affect political and macroeconomic stability, investors tend to move funds from risky assets to those considered safe havens. In the past, safe havens were gold and government bonds; however, the market can now see that BTC also plays the role of a digital safe haven.

Linge expressed that as the conflict between Israel, Iran, and the United States continues, this capital rotation can be seen from the decline of "other" countries.

(Source: Trading View)

After the escalation of the conflict, the market value of AltCoins immediately dropped except for the top 10 coins, indicating that traders are reallocating funds from AltCoins to safer haven assets such as BTC and stable coins.

She further pointed out that in the ongoing conflict, the dominant position of BTC continues to strengthen, confirming the rotation of capital towards this asset.

Lin Ge said: "The dominance of BTC (BTC.D) indicates that BTC has dominated the AltCoin, and this advantage has been increasing since the conflict began."

As of the time of publication, BTC.D is 65.30%, which is near its multi-year high of around 65.95% on Sunday, and then slightly fell back.

(Source: Trading View)

During the same period, the ETH/BTC ratio has decreased slightly.

The ETH/BTC ratio is also an important indicator, as most altcoins are based on the Ethereum blockchain, with an increase in this ratio indicating that Ethereum is outperforming BTC. This indicator has been declining since June 16 and is currently still in a stagnant state.

(Source: Trading View)

These indicators indicate that even if the price of BTC remains relatively stagnant, its market dominance remains strong, further delaying the AltCoin season.

Still in the Bit Season

The indicators of the AltCoin Quarterly Index show that the market remains stable during the period dominated by BTC. The Altcoin quarter begins when at least 75% of the top 50 Altcoins outperform BTC in the last 90 days.

According to the Blockchain Center, only 16% of people have done so in the past 90 days, indicating that altcoins are performing poorly, and the real altcoin season is still far away.

(Source: Blockchain Center)