Why Bitcoin price and volume rising together is bad news for Ethereum, altseason

(BTC) is sucking up the volume from the entire cryptocurrency market as it continues to rally. This is causing the alternative cryptocurrency (altcoin) market to pullback, which has seen rising selling pressure and low buyer demand.

On Oct. 30, researchers at Santiment pinpointed the growing volume and dominance of Bitcoin, while Chainlink (LINK), Ether (ETH) and Binance Coin (BNB) struggled. They wrote:

The trading volume of Bitcoin against other major cryptocurrencies. Source: Santiment
The Bitcoin dominance index. Source: CoinMarketCap.com