As an analyst with over two decades of experience in the financial markets, I’ve seen my fair share of bull runs and bear markets, and this current Bitcoin surge feels like deja vu from the 2017 craze. The dominance approaching 60% is reminiscent of that era, albeit with a more mature market behind it.
The measure known as Bitcoin dominance, which represents Bitcoin’s percentage within the overall cryptocurrency market, is currently close to reaching 60%.
It is now up by nearly 10% over the past month alone with no altcoin season in sight.
Currently, Bitcoin holds its highest market dominance since April 2021. In stark contrast, its market dominance plummeted by approximately 16.64% in just one month back then.
In September 2022, the influence of Bitcoin dipped below the 40% threshold in a tough bear market, touching a low of 38.84% at its local minimum.
Bitcoin’s dominance is likely to climb higher
Currently, the dominance of cryptocurrencies is back on top, and it appears that this position may persist for a while without giving way to other alternative coins (altcoins).
Based on predictions from a digital asset trading company in Singapore, called QCP, it’s anticipated that Bitcoin’s influence will keep rising as the leading cryptocurrency gets closer to setting a new all-time high price.
According to U.Today’s report, Bitcoin dropped on Friday following news about an ongoing criminal probe into Tether, a stablecoin issuer, by U.S. authorities, as reported by The Wall Street Journal. However, Bitcoin quickly recovered from its losses after CEO Paolo Ardoino dismissed the investigation as “rehashed rumors” in a social media post.
At press time, Bitcoin is changing hands at $67,130, according to CoinGecko data.
Flight to quality?
As per analyst James Van Straten’s observations, this specific cycle stands out because there’s minimal movement of funds from Bitcoin into Ethereum. He refers to this trend as a “quality migration” or simply put, investors are moving towards what they consider as higher quality investments.
As reported by U.Today, the largest altcoin recently hit a fresh multi-year low against Bitcoin.
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2024-10-27 14:35