CandleFocus Altcoin Season Hopes Fade as US Election Buzz Fuels Bitcoin Dominance
2024-10-31
Author: Content Editor
Bitcoin's dominance in the cryptocurrency market is increasing, signaling a potential dampening of hopes for an altcoin season. Bitcoin's dominance, measured by BTC.D, has reached its highest level since April 2021, coinciding with significant capital inflows into Bitcoin ETFs and stagnant performance of many altcoins. The strengthening bullish bias towards Bitcoin suggests that it is likely to outperform altcoins in the near term. The demand for Bitcoin spot ETFs has surged, with predictions that it could drive Bitcoin's price to $100,000 by January 2025. As capital flows into Bitcoin ETFs, investor interest in altcoins decreases, leading to decreased price momentum and trading volumes. The lack of performance from altcoins has resulted in a delay in an official altcoin season, as only 29% of the top altcoins have outperformed Bitcoin in the past 90 days.
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