Bitcoin ’s market share has surged to its highest level in over three years, as the price of the leading cryptocurrency has continued its upward trajectory while the altcoin market remains largely subdued. On October 15, Bitcoin ’s dominance reached 58.77%, coinciding with a ten-week high price of approximately $67,800. However, the cryptocurrency experienced a brief pullback, trading down to around $64,880 before rebounding to just over $67,000, with its market capitalization climbing to $1.32 trillion.
Historically, increases in Bitcoin ’s market dominance have often translated to challenging times for altcoins, and recent trading patterns suggest this trend is continuing, with Bitcoin gaining 2.5% for the day, while many altcoins showed little movement or even decline. Some traders, however, believe that this dominance might not last long. Speculation is circulating that a potential downturn in Bitcoin ’s market share could pave the way for a resurgence in altcoin valuations.
Market predictions vary; some analysts suggest Bitcoin ’s dominance could stabilize around 60%, while others contend it has already peaked for the current cycle, signaling a potential breakout for altcoins when Bitcoin ’s upward momentum slows. The call for an “altseason” is becoming more prevalent among certain traders, particularly in response to shifts in Bitcoin ’s market position.
As Bitcoin approaches its previous all-time high of $69,000, set in 2021, it continues to capture significant interest from institutional investors. Reportedly, US-based spot exchange-traded funds associated with Bitcoin have seen substantial inflows, totaling $371 million on October 15 alone, and exceeding $1.1 billion over the past three trading days. Meanwhile, the performance of Ethereum , traditionally responsive to Bitcoin ’s market dynamics, is showing signs of stagnation, with its value ratio compared to Bitcoin at a near low not seen since April 2021.
