Since mid-September, the price of Bitcoin has steadily risen from $53,000 to $67,000. This significant increase has drawn market attention to Bitcoin, while smaller competing coins have been temporarily neglected, with investors seeming to prefer to allocate capital to Bitcoin.
Bitcoin's market dominance is also continuously strengthening, with a market share exceeding 59% in October, an increase of 3.45% from last month. This growth is primarily due to Bitcoin's price increase, making it a popular choice among institutional investors. The weekend briefing mentioned that the positive ETF inflows in the past three weeks indicate strong institutional demand.
QCP pointed out that Bitcoin's dominance reached a high of 59.75% this week, and this trend is expected to continue as Bitcoin approaches its historical high of $73,078. If this high can be broken, market dominance may further rise to 60%, which could delay the arrival of the altcoin season. The rise of Bitcoin indicates that market sentiment is changing, with investors favoring BTC's relative stability.
Currently, the growth of altcoins is very limited, and it seems far from the altcoin season. To confirm the arrival of the altcoin season, at least 38 altcoins must exceed Bitcoin in 90 days, but recently only 7 have met this standard. This situation indicates that altcoins lack the necessary breakthrough momentum, while Bitcoin's upward trend continues to attract market activity.
The current price of Bitcoin is $68,439, gradually approaching the critical threshold of $70,000, with only an 8% gap from the historical high of $73,078. If the current market trend continues, BTC is expected to set a new record. In the past week, nearly $998 million flowed into the spot Bitcoin ETF, and if this level of investment is maintained in November, there is a high likelihood of Bitcoin breaking $70,000, further delaying the arrival of the altcoin season.
If Bitcoin investors choose to take profit as it approaches $70,000, the price may retreat to $65,000. Such an adjustment would impact market bullish sentiment and may provide a brief opportunity for competing coins.
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