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?
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.
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.
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.
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.
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