Despite the drop in bitcoin quotations, the dominance of the first cryptocurrency in the market reached a new cyclic maximum, exceeding the previous peak, said the Matrixport financial platform experts.

In Matrixport, she said that the altcoin rallies against the background of Bitcoin’s fall turned out to be short -lived and lasted no more than a month.

“Experienced traders moved from altcoins to bitcoin, the market of which, despite the decrease, significantly exceeded the volume of the altcoin market. BTC dominance has reached a new maximum in this cycle. The hopes of investors are focused on restoring liquidity for the further growth of the first cryptocurrency, ”experts said.

According to analysts, given the likelihood of further preservation of the tough monetary policy of the US Federal Reserve (Fed), the market participants will have to wait for more time before altcoin rallies will resume.

As for bitcoin, overcoming the level of a level above $ 90,000 in the near future is unlikely, since technical indicators indicate the stagnation of the first cryptocurrency, experts noted.

Earlier, the founder and managing partner of Skybridge Capital Anthony Scaramucci suggested that the status of bitcoin as a “digital storage of values” was strengthened for the coming decades.