The Bitcoin Dominance index has conquered the 59% threshold for the first time since March 2021, amid a strong rise in BTC prices, while altcoins have not shown signs of improvement.
Bitcoin Dominance surpasses 59%, reaching a 3-year high. Image: CCN
According to statistics from TradingView, the Bitcoin Dominance (BTC.D) index - the ratio between the market capitalization of Bitcoin and the total market capitalization of the cryptocurrency market - in the early morning of October 18 has exceeded the 59% mark, a new high since March 2021.
BTC.D chart, 1W timeframe, screenshot from TradingView at 09:05 AM on October 18, 2024
This is a signal that the market capitalization of Bitcoin continues to increase its dominance over the remaining cryptocurrencies, which is also clearly reflected in the price chart.
After ending September 2024 with a 7.29% growth, BTC prices have continued to recover significantly as of the current time in October, rising from $62,500 to a monthly high of $68,425.
1D chart of the BTC/USDT pair on the Binance exchange at 09:05 AM on October 18, 2024
All attention is currently focused on BTC as the fourth quarter is expected to mark the beginning of a new growth cycle for this cryptocurrency, especially after the halving event in April, combined with historical data.
BTC price movements by month. Source: CoinGlass
In addition, Bitcoin has received tremendous growth momentum in recent days with continuous inflows from US BTC ETFs, with a value of over $1.6 billion from October 11 to 16, and is expected to continue to increase on October 17.
Statistics on inflows/outflows of US Bitcoin ETFs. Source: Farside Investors (October 18, 2024)
This assessment is also supported by analysis reports from traditional financial giants, all of which predict that Bitcoin is converging on many factors to break out in the last quarter of 2024 and even extend into early 2025.
Meanwhile, the remaining major altcoins have not yet shown signs of improvement, clearly reflected in the meager inflows into the Ethereum ETF during the same period.
Crypto investors' attention seems to have shifted to the meme coin segment, with a new meme coin reaching a market capitalization of hundreds of millions of dollars every few days, only to collapse, and the capital flows to a new name.
Compiled by Coin68
Join the discussion on the hottest DeFi issues in the Fomo Sapiens chat group with the Coin68 admins!!!
