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Vignesh S G
Vignesh S G
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- Oct 15, 2024 10:11 UTC
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Bitcoin Dominance Hits 58% – Crypto Bull Rally Ahead?
A recent analysis reveals a significant increase in Bitcoin demand over the past month.
Bitcoin's dominance within the cryptocurrency market has also risen, while Altcoin dominance has declined.
The combination of increased demand and dominance suggests a positive outlook for Bitcoin's price.
A chart, that measures the cumulative demand for Bitcoin over the past month – Bitcoin: Apparent Demand (30-day Sum) – has been shared on X by renowned crypto market analyst Ki Young Ju. What the chart suggests is exciting: a sharp rise in the demand for Bitcoin.
What can be expected next?
Bitcoin Apparent Demand: What Does It Indicate?
The “Bitcoin: Apparent Demand” chart tracks how many people have been buying, holding, and transacting with Bitcoin over the last 30 days. A rise in this chart usually indicates growing investor confidence, which often leads to bullish price momentum.
Bitcoin Dominance on the Rise
At the start of October, Bitcoin’s market dominance was 57.39%. By October 2, it had climbed to 58.02%, hitting a peak of 58.21% on October 3. However, the upward trend slowed by October 4, with dominance fluctuating between 58.13% and 57.68%—the lowest point reached on October 10. Today, Bitcoin’s dominance stands at 58.10%.
On October 11 and 14, Bitcoin dominance saw notable jumps. Just yesterday, it rose from 57.93% to 58.11%, marking a 0.71% increase in market share so far this month.
Altcoins Struggle to Keep Up
While Bitcoin’s dominance has risen, the altcoin market has declined. At the start of October, altcoin dominance was 10.28%, but by October 3, it had fallen to a low of 9.94%. Although altcoins tried to regain ground between October 10 and 12, they failed to surpass their opening level for the month. Currently, altcoin dominance stands at 10.27%, reflecting a slight 0.01% drop.
Bitcoin Price Analysis
In the past 30 days, Bitcoin’s price has surged by 9.3%. At the beginning of October, it was priced around $63,320, but the market was relatively quiet until October 10, when the price dipped to $60,349. On October 11, strong buying pushed the price to a monthly high of $66,084.
As of now, Bitcoin is trading at $65,740.29, just below this peak.
With Bitcoin demand on the rise and dominance growing, there’s a good chance its price could continue to climb this month. While today’s price is slightly below yesterday’s close, Bitcoin seems poised to maintain its recent momentum.
The Bitcoin market is heating up! Are you feeling the FOMO?
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