Bitcoin’spricehasbeenonasteadyupwardtrendsincemid-September,risingfrom$53,000to$67,000.Thisimpressivegrowthhasstalledtheanticipatedaltcoinseason,drawinginvestorattentionandcapitaltowardBitcoininsteadofsmallerassets.
AsBitcoininchesclosertoforminganewall-timehigh(ATH),altcoinsmayremainsidelinedforawhilelonger.
BitcoinIsDominatingtheMarket
Bitcoin’sdominanceoverthecryptomarketcontinuestogrow,surpassing59%inOctober,anincreaseof3.45%throughoutthemonth.ThisriseisprimarilyduetoBitcoin’spriceappreciation,makingitanattractiveinvestmentoption,especiallyforinstitutionalplayers.
Inaweekendbrief,QCPhighlightedpositiveETFinflowsoverthelastthreeweeks,whicharesignalinghighinstitutionaldemand.
“Bitcoindominancecontinuestorise,reachinghighsof59.75%fortheweek…WebelievethattheuptrendinbitcoindominanceislikelytopersistintheneartermasbitcoinapproachesitsATHlevels,”QCPnoted.
IfBitcoinreachesitsall-timehighof$73,078,itsmarketdominancecouldsurgeto60%,potentiallydelayingthealtcoinseason.ThisriseinBitcoin’spriceanddominanceindicatesachangeinmarketsentiment,withinvestorsleaningtowardsBTC’srelativestability.IfBitcoinmaintainsthisupwardmomentum,altcoinsmaystayinthebackground,waitingforashiftincapitalflows.
Readmore:WhichAretheBestAltcoinsToInvestinOctober2024?
BitcoinDominance.Source:TradingView
Currently,analtcoinseasonappearsdistantduetolimitedgrowthacrossaltcoinassets.Foranaltcoinseasontobeconfirmed,atleast38altcoinsneedtooutperformBitcoinovera90-dayperiod;however,onlysevenhavedonesorecently.
Thisminimalgrowthsuggeststhataltcoinslackthemomentumneededforabreakout,asBitcoin’supwardtrendcontinuestoattractthemajorityofmarketactivity.Withoutasignificantshiftinmomentum,altcoinsmaycontinuestrugglingtogaininvestorinterest.
AltcoinsPerformance.Source:BlockchainCenter
BTCPricePrediction:FocusingontheATH
Bitcoin’spricecurrentlysitsat$67,439,inchingclosertothecritical$70,000mark.Just8%awayfromitsATHof$73,078,BTChasthepotentialtobreaknewrecordsifcurrentmarkettrendshold.
SpotBitcoinETFshaveseeninflowsofnearly$998millioninthepastweek.IfthislevelofinvestmentsustainsinNovember,Bitcoincouldpushthrough$70,000,likelyachievinganewATHanddelayingthealtcoinseasonfurther.
Readmore:11CryptosToAddToYourPortfolioBeforeAltcoinSeason
BitcoinPriceAnalysis.Source:TradingView
However,ifBitcoininvestorsstarttakingprofitsaround$70,000,thepricecoulddip,potentiallypullingBTCdownto$65,000.ThiscorrectionwoulddampenbullishhopesforanATHandmightopenabriefwindowforaltcoingains.
beincrypto.com