Bitcoin's growing dominance has historically been bad news for altcoins, with BTC up 2.5% on the day while altcoins traded mostly flat or down.
However, some traders believe that bitcoin's dominance is short-lived and that a crash is imminent, opening the market for #altcoins to rise.
In an Oct. 16 post, Benjamin Cowan, founder of ICT Crypto, predicted that bitcoin's dominance would reach 60 percent, while crypto investor "Coach K. Crypto" said bitcoin's dominance has peaked in this cycle, addressing his 129,000 subscribers X, #Bitcoin "has to collapse" before anything else happens, he told them.
The collapse [of bitcoin's dominance] is about to happen.
As a result, Mimcoin and other major altcoins are going to get their hands on it.
An analyst Moataz El-Sayed said on Oct. 14 that bitcoin's dominance is "about to collapse big time" and predicted the start of altcoin season.
Historically, bitcoin was one of the first assets to emerge when its dominance declined. According to TradingView, the ether-to-bitcoin ratio (BTC to #ETH conversion rate) is near its lowest level since April 2021 and was below 0.039 this week.
Bitcoin has remained largely unchanged since hitting an all-time high of $73,738 in March.
But it is now approaching the all-important psychological level of $69,000, a 2021 all-time high it has held for nearly three years.
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