Altcoins, Premium Evaporates Amid Competition...Saylor: "The Ultimate Winner is Bitcoin (BTC)"

▲ Bitcoin (BTC), Altcoin, Ethereum (ETH), Solana (SOL), BNB/AI Generated Image

Michael Saylor highlighted the expanding dominance of Bitcoin (Bitcoin, BTC) amidst the altcoin competition involving Ethereum (Ethereum, ETH), Solana (Solana, SOL), and BNB.

According to the economic media outlet Benzinga on June 15 (local time), Saylor evaluated the altcoin competitive landscape at the Bitcoin Corporate Day event. He argued that as Ethereum, Solana, and BNB competed fiercely, all three assets lost their monetary premium.

Saylor stated that Bitcoin's market share, excluding stablecoins, has risen from approximately 41% in 2021 to nearly 70% currently. He observed that the past 12 months confirmed Bitcoin's dominance as a digital currency network and its role as digital capital.

Ethereum is facing the risk of closing lower for three consecutive quarters for the first time in its history. However, anonymous analyst Ardi analyzed that some on-chain indicators are aligning with past low periods. Ethereum's daily Relative Strength Index (RSI) dropped to 11 during the sharp decline in June.

Ethereum's weekly Relative Strength Index (RSI) is 31. It is approaching the sub-30 level that appeared before past recovery phases. Ardi believes that a genuine sell-off is likely to occur when the weekly indicator is fully met. He also mentioned that in the last cycle, Ethereum bottomed out six months before Bitcoin.

In the derivatives market, short-squeeze pressure is increasing in the short term. The SAR indicator turned bullish at $1,517. Trading volume increased by 119%, and options trading volume increased by 203%. $110 million in short positions were liquidated over 24 hours. Long position liquidations amounted to $23.9 million. Open interest increased by 9.12% along with the price rise.

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