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As the leading cryptocurrency Bitcoin rallies towards the ATH level, its market dominance (Bitcoin Dominance) has reached 58.77%, the highest level since April 2021. Some traders believe that Bitcoin dominance has peaked.
Why is Bitcoin’s Dominance Increasing?
Recently, Bitcoin’s price has climbed as high as $67,800, an important resistance point. However, Bitcoin, which fell to $64,880 in the short term, is exhibiting a persistent trend above $67,000. The current Bitcoin price is at $67,044 at the time of writing. BTC market capitalization has reached a huge figure of 1.32 trillion dollars.
In this process, Bitcoin’s dominance in the market causes altcoins to be generally stagnant or bearish. Bitcoin gained 2.5%, while many altcoins were flat or down. However, some analysts predict that Bitcoin’s dominance is temporary and that altcoins will soon revive.
Latest Bitcoin and Cryptocurrency Market Update – October 16
Benjamin Cowen, one of the leading crypto analysts, predicts that Bitcoin dominance will reach 60%, while analysts like Moataz Elsayed state that altcoin season is upon us. Historically, when Bitcoin’s market dominance has declined, altcoins have generally been on an uptrend.
ETH usually appreciates when Bitcoin dominance increases, but this week the ETH/BTC ratio fell below 0.039. This marks its lowest level since April 2021.
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