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Bitcoin market dominance has surged to its highest level since April 2021, as the cryptocurrency continues to outpace its altcoin competitors. On October 15, Bitcoin’s dominance hit 58.77%, marking a three-and-a-half-year peak, according to TradingView.
Simultaneously, Bitcoin reached a ten-week high, climbing to $67,800 before pulling back to $64,880, and then recovering slightly to trade just above $67,000. This increase has pushed Bitcoin’s market capitalization to a staggering $1.32 trillion.
Historically, a rise in Bitcoin’s dominance signals trouble for altcoins, and this time appears no different. While BTC gained 2.5% on the day, most altcoins remained stagnant or saw minor declines. Despite the rising dominance, some traders are forecasting a reversal in the near future, which they believe will usher in a resurgence for altcoins.
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A Decline in Bitcoin Dominance Ahead?
Not everyone sees Bitcoin’s dominance as sustainable. On October 16, Benjamin Cowen, founder of ICT Crypto, predicted that Bitcoin’s dominance could peak at 60%. Meanwhile, prominent investor “Coach K Crypto” shared on X that Bitcoin’s dominance had likely hit its top for this cycle. He added that Bitcoin “needs to rip” for the rest of the market to follow, suggesting that once Bitcoin slows down, altcoins could have their moment to shine.
Some market analysts are already gearing up for an altcoin rally. Moataz Elsayed predicted on October 14 that Bitcoin’s dominance is “about to crash hard,” which could trigger the start of an altcoin season. Ether (ETH), historically the first to move when Bitcoin’s dominance declines, has yet to show signs of recovery.
The Ether to Bitcoin ratio fell to its lowest levels since April 2021, dipping below 0.039 once again this week, according to TradingView.
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Institutional Investors Stay Bullish on Bitcoin
Despite these mixed predictions, institutional interest in Bitcoin remains strong. The eleven U.S. spot Bitcoin exchange-traded funds (ETFs) saw net inflows of $371 million as of October 15. Over the past three trading days, these funds have collectively attracted more than $1.1 billion in inflows, according to data from Farside Investors.
As Bitcoin inches closer to its previous all-time high of $69,000, the crypto world watches to see whether this surge in dominance will sustain, or if a long-awaited altcoin season is on the horizon.
