The price of Bitcoin has been steadily rising since mid-September, from $53,000 to $67,000. This impressive growth has delayed the expected altcoin season and is drawing investors' attention and capital to Bitcoin.
As Bitcoin approaches a new all-time high (ATH), altcoins may remain overlooked for a longer period.
Bitcoin,
Bitcoin's dominance in the cryptocurrency market has continued to increase, surpassing 59% in October, a 3.45% increase in a month. This rise is primarily due to the increase in Bitcoin's price, making it an attractive investment option, especially for institutional investors.
In the weekend briefing, QCP highlighted the positive ETF inflows over the past 3 weeks, suggesting strong institutional demand.
"Bitcoin's dominance has continued to rise, reaching 59.75% this week... As Bitcoin approaches all-time high levels, the upward trend in Bitcoin dominance is likely to persist in the short term," QCP noted.
If Bitcoin reaches its all-time high of $73,078, its market dominance could surge to 60%, further delaying the altcoin season. The rise in Bitcoin's price and dominance reflects a shift in market sentiment, with investors preferring Bitcoin's relative stability. If Bitcoin maintains this upward momentum, altcoins may remain in the background, waiting for a change in capital flows.
Read more: Best Altcoins to Invest in October 2024
Currently, the altcoin season appears somewhat distant due to the limited growth of altcoin assets. For the altcoin season to be confirmed, a minimum of 38 altcoins must outperform Bitcoin for 90 days, but recently, only 7 have done so.
This minimal growth suggests that altcoins lack the momentum to break through, and Bitcoin's upward trend continues to draw the majority of market activity. Without a significant change in momentum, altcoins may continue to struggle to capture investors' attention.
BTC Price Prediction, Focusing on All-Time High
Bitcoin's price is currently at $67,439, getting closer to the crucial $70,000 level. It is only 8% away from the all-time high of $73,078, and if the current market trend persists, it has the potential to set a new record.
Spot Bitcoin ETFs saw inflows of nearly $998 million last week. If this level of investment continues in November, Bitcoin could break through $70,000 and reach a new ATH, further delaying the altcoin season.
Read more: 11 Cryptocurrencies to Add to Your Portfolio Before Altcoin Season
However, if Bitcoin investors start to realize profits around the $70,000 level, the price could drop, pulling Bitcoin back to $65,000. This correction could weaken the bullish expectations for the all-time high and open a brief upswing for altcoins to gain.
