CandleFocus Altcoin Season Unlikely in November as Bitcoin Prepares for New ATH
2024-10-27
Author: Content Editor
Bitcoin's price has been steadily increasing since September, reaching $67,000 and potentially heading towards a new all-time high. This has led to a delay in the anticipated altcoin season, as investor attention and capital are focused on Bitcoin. Bitcoin's dominance in the market has also increased, surpassing 59% in October. The rise in Bitcoin's price and dominance indicates a change in market sentiment, with investors preferring Bitcoin's stability. Altcoins have seen limited growth and lack the momentum for a breakout, as Bitcoin continues to attract most of the market activity. Despite this, spot Bitcoin ETFs have seen significant inflows, and if this investment sustains in November, Bitcoin could reach a new all-time high and further delay the altcoin season. However, if Bitcoin investors start taking profits, the price could dip, creating an opportunity for altcoin gains.
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