Bitcoin's market dominance reaches a three-year high at 58.89%.
Key Takeaways
- Bitcoin has surged to $68,000, only 8% away from its record high.
- Analysts suggest that once Bitcoin's dominance declines, altseason will kick off.
Bitcoin broke through the $68,000 price level during the early hours of Wednesday, and is only 8% away from its all-time high of $73,000, according to data from CoinGecko. BTC is now trading at around $68,2000, up 4% in the last 24 hours.
After dropping below $59,000 last week, influenced by the hotter-than-expected September inflation data, Bitcoin started reversing its trend over the weekend and reclaimed the $65,000 level on Monday.
Standard Chartered have expressed a bullish outlook for Bitcoin, predicting that it could reach a new all-time high before the upcoming US presidential election.
Analysts from the bank also foresee Bitcoin potentially surpassing $100,000 and possibly hitting $150,000 by the end of 2024, particularly if Donald Trump wins the presidency.
Altcoins struggle to catch up as Bitcoin’s market dominance hits a three-year high
While Bitcoin has seen a 4% increase, altcoins have remained mostly stagnant or have declined. Analysts suggest that changes in Bitcoin dominance will soon boost the altcoin markets.
Bitcoin’s dominance, measured as BTC.D, has soared to 58.89%, marking its highest level since April 2021, according to data from Trading View.
The increase reflects a growing preference for Bitcoin and related investment products, coinciding with a major rise in Bitcoin’s price.
Commenting on the surge in Bitcoin’s market dominance, crypto investor Coach K Crypto predicted that Bitcoin’s dominance will soon reach its maximum point, and then there will be a shift in momentum towards altcoins.
“Bitcoin dominance (BTC.D) has touched an ATH for this cycle. It hasn’t been this high since 2021. We need to let Bitcoin rip before anything else can happen. Soon enough, there’s going to be a breakdown in BTC.D. This will lead to memes and other major alts getting a taste,” he said.
A declining dominance can signal an impending altseason. Crypto analyst Elja Boom expects Bitcoin’s market dominance to decrease, which could lead to a surge in the prices of altcoins.
“Bitcoin dominance is about to crash hard. This will send alts to new highs. Altseason is coming,” said the analyst.
