As we enter October, Bitcoin dominance stands at an impressive 58.81%, rising from 57.69% at the start of the month. It briefly dipped to 57.68% on October 10 but climbed significantly between October 11 and 16, reaching 58.85%. What does this increase in Bitcoin’s dominance mean for altcoins? Crypto expert Ash Crypto on X recently shared interesting insights about the connection between Bitcoin’s growing dominance and the future of altcoins.
Let’s break it down!
Just yesterday, Bitcoin’s dominance hit 58.86%, while its price chart showed a bullish candlestick, almost touching the monthly peak of $68,000. According to Ash, the Bitcoin market has surged to a remarkable 42-month high with the price reaching $68,000. A new wave of bullish momentum began on October 11, pushing prices higher.
Since that key date, Bitcoin’s price has been consistently rising. Between October 11 and 16, the BTC market experienced an impressive surge of 12.10%. In the last week alone, Bitcoin’s price has increased by 10.8%. The market outlook is very positive, as the momentum gained on October 11 remains strong, indicating the possibility of further price increases.
Overall analysis of BTC market returns suggests a strong potential for significant growth in Q4, especially in October—the first month of the final quarter. Ash Crypto predicts that if this momentum continues, Bitcoin’s price could rise between $80,000 and $90,000 within the next 30 days, potentially pushing its dominance in the cryptocurrency market up to 61%.
Ash highlighted the general tendency of Altcoins to take a back seat during the triumph of Bitcoin. He forecasted that once Bitcoin breaks its all-time high, Altcoins would starts its rally. He claimed that this pattern was seen in the previous cycle as well.
In conclusion, Ash advises altcoin investors to hold onto their assets for the next six months, indicating the potential start of a new altcoin season
Do you think Bitcoin will continue to dominate the market, or will altcoins finally get their moment in the spotlight?
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