Bitcoin's market share surged to its highest since April 2021, hitting 60% amid muted altcoin activity. Will BTC continue its dominance or is an altcoin season near?
Bitcoin’s market dominance reached a significant milestone, soaring to its highest level since April 2021, as the cryptocurrency topped $67,000. This surge comes as altcoins remain mostly stagnant, raising speculation about whether BTC's dominance will continue or if an altcoin season is imminent.
Key Points:
Bitcoin Market Share Soars: Bitcoin’s dominance hit a three-and-a-half-year high at 58.77%, while BTC reached $67,800 before retracing slightly to $67,000.
Impact on Altcoins: Historically, a rise in BTC dominance has led to a decline in altcoin performance, which remains true as major altcoins stay flat or slightly down in trading.
Traders’ Predictions: Some traders, like ICT Crypto’s Benjamin Cowen, predict that Bitcoin dominance will peak at 60%, while others expect a breakdown in BTC dominance, signaling an altcoin rally.
Ethereum’s Struggle: Ethereum (ETH) saw its BTC ratio dip to the lowest level since April 2021, signaling a tough period for the second-largest crypto in terms of BTC comparison.
Institutional Interest: Despite BTC’s dominance, institutional interest remains strong, with $371 million in net inflows to US-based Bitcoin ETFs on Oct. 15.
Bitcoin’s dominance continues to shape the market as altcoins struggle to gain traction. With BTC closing in on the key $69,000 level, traders wonder whether the current dominance trend will hold or if altcoins will soon rise. Only time will tell whether BTC will maintain its grip on the market or if altseason is just around the corner.
Source: Cointelegraph
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