In recent weeks, Bitcoin has once again taken over altcoins, without crushing the crypto scene. On October 6, Bitcoin's dominance reached 54%, showing how investors are turning to the safe bet that is BTC. But the issue remains the same: while altcoins are stagnating, some analysts are predicting an imminent reversal.
Bitcoin hits highs while altcoins struggle
Bitcoin’s dominance recently soared to 58.8%, an unrivaled level since 2021. This peak is accompanied by a jump in the price, which flirted with $67,800 on October 15, representing an increase of 15% since October 11. The price of Bitcoin even exceeded $68,000 a day later.
But this rise in power does not please everyone: for supporters of altcoins, This Bitcoin surge is reminiscent of times when digital gold attracted all the capital from the marketleaving other cryptos stranded.
- Bitcoin reaches 58.8% dominance as of October 15;
- Price jumps to $67,800, 10-week high;
- The Bitcoin/ether ratio continues to decline, touching its lowest point since April 2021.
However, some experts believe that Bitcoin's current dominance could be short-lived. According to Moataz Elsayedcrypto analyst, “lBitcoin’s reign is coming to an end » and the market could soon see a strong comeback of altcoins.
Towards a new altseason?
As Bitcoin dominance approaches 60%, speculation around a new “altseason” is growing louder. For Benjamin Cowenan influential figure in the crypto world, BTC could soon come back down, allowing altcoins to shine again.
Institutional investors continue to flock to Bitcoin, with US crypto exchange funds seeing net inflows of $371 million on October 15.
The market appears divided between those who see Bitcoin's dominance as a sign of stability and altcoin traders who hope an imminent reversal. But, if recent history has taught us anything, it's that in the world of cryptos, trend reversals often happen where you least expect them.
Thus, according to some analysts, the decline in the dominance of bitcoin could well mark the long-awaited start of a new altseason.
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