đ The market is back in force: Whales are active, BTC dominance soars to 59%!
According to the analysis platform Santiment, Bitcoin trading volume has soared to the highest level in ten weeks, indicating that whales are starting to make big moves again. On October 15 alone, there were 11,697 large transfers of more than $1 million! This is simply a carnival for whales!
And did you know? Now everyone on social media is talking about BTC, and the discussion of Bitcoin accounts for more than a quarter of all cryptocurrency topics! Does this mean that our big brother Bitcoin is about to start its dominance again?
Santiment concluded that these signs may indicate that Bitcoin's rise will pause because large investors may take profits and small investors will start FOMO (fear of missing out). But the report said that the long-term outlook is still bullish, so any pullback is only temporary.
Let's take a look at the Bitcoin Fear and Greed Index. The current market sentiment has returned to the "greed" zone, which is the highest level since the end of July. And did you know that Bitcoin's market share has now reached 58.98%, the highest point in three and a half years!
Benjamin Cowen, founder of ITC Crypto, predicts that Bitcoin's dominance may continue to increase to a peak of around 60% between now and the end of December, and then fall back in 2025. Doesn't it sound exciting?
The price of Bitcoin has also been soaring, reaching $68,424 on October 16 alone, a 10-week high! Now it is just a little bit away from breaking the previous high at the end of 2021.
At this time, some analysts said that Bitcoin's sideways trend has been broken, which may indicate that Bitcoin's crazy bull market is about to break out! But in contrast, most altcoins are still standing still, and some are even losing money.
đŹ What do you think? How long do you think this wave of Bitcoin's rise will last? Do altcoins still have a chance to turn around? Come and talk about your views in the comment area!
