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Cryptocurrency News Articles
Bitcoin Dominance Surpasses 65%, Highest Level Since Early 2021, Signaling Imminent Bull Run in Q4 2024
Oct 21, 2024 at 06:00 pm
Bitcoin Dominance surpassed 65% for the first time since early 2021, marking a 3-year high.
Bitcoin market dominance has reached its highest level since early 2021, stoking anticipation that a bull run is imminent in Q4 2024.
According to IntoTheBlock, Bitcoin Dominance has now surpassed 65%, signaling a shift in the market as investors increasingly opt for Bitcoin over altcoins, possibly in response to rising macroeconomic instability and government pressures.
The last time Bitcoin Dominance reached this level was three years ago.
Bitcoin Dominance Surpassed 65% For First Time Since Early 2021
The increase in Bitcoin dominance is often indicative of a broader bullish sentiment, as traders seek the relative stability of Bitcoin compared to the volatility of smaller cryptocurrencies.
Such dominance levels have historically preceded significant price rallies in Bitcoin, hence bolstering expectations of a sustained bull run in the coming months.
Bitcoin Growing Dominance Signals A Shift Toward Risk Appetite
The relationship between Bitcoin dominance and its price is crucial in predicting market movements.
As Bitcoin captures a larger share of the total crypto market, it usually indicates that investors, particularly those moving away from speculative altcoins, have a higher taste for risk.
Bitcoin’s market share has risen steadily over the past year, largely maintaining its position despite minor dips.
The next critical level for Bitcoin dominance, according to analysts, is 70%, which, should it be reached, could trigger a full-fledged bull market.
Dominance at these levels has historically coincided with massive price surges, most notably in 2017 and early 2021.
Moreover, despite Bitcoin’s price being largely contained within a downtrend for several months, its recent rally has sparked optimism.
Rising gradually, the BTC price has breached key resistance levels, and its technical indicators are presenting short-term bullish signals.
However, there is still a disparity between Bitcoin dominance and its price performance, suggesting that while the broader market is pivoting toward Bitcoin, a sustained upward momentum in its price is yet to fully materialize.
In other news, CNF reported that Bitcoin bull Max Keiser anticipates the coin’s value to skyrocket to $220,000.
Although Bitcoin has experienced some recent downtrends, its long-term trend is still positive as market momentum is rising and the described “electric energy” is found in the market.
On the other hand, concerns from institutions like the ECB suggest that early adopters may benefit disproportionately from Bitcoin’s rise, hence exacerbating wealth inequality and social unrest, CNF adds.
Furthermore, poor transaction speeds and high fees call into question Bitcoin’s initial intent as a global payment system.
Meanwhile, BTC is currently trading at $68,488.84, up 6.04% over the last seven days.
Bitcoin remains a primary focus for the possible bull run in Q4 2024 as investor interest surges.
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