The post Bitcoin Dominance Hits 58%: Are We on the Brink of a Crypto Bull Run? appeared first on Coinpedia Fintech News
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?
Rise in Bitcoin Apparent Demand: What Does it Indicate?
The ‘Bitcoin: Apparent Demand (30-days Sum)’ chart is an effective tool that provides insights into how many people have been actively buying, holding, and transacting with Bitcoin in the last 30 days. A rise in this index suggests that investors’ confidence in Bitcoin has surged. We all know what happens if the confidence of investors in an asset suddenly increases: bullish momentum follows.
Bitcoin’s Current Dominance in the Market
At the start of this month, the Bitcoin dominance in the crypto market was around 57.39%. On the second day, it sharply climbed to 58.02%. By the third day, it had risen to a monthly peak of 58.21%. However, on the fourth day, the uptrend stalled and started to cool down. Since then, it has majorly hovered between 58.13% and 57.68% – a low it reached on the tenth day of the month. Today, the fifteenth day, the BTC dominance stands at 58.10%.
On October 11 and 14, the dominance saw a significant increase. Yesterday alone, it grew to 58.11% from 57.93%. This month alone, the Bitcoin dominance has experienced a 0.71% rise.
Altcoin Dominance: An Overview
Notably, the Altcoin market has declined in dominance during the same period. At the start of the month, the ALT dominance was 10.28%. By the third day of the month, it touched a monthly low of 9.94%. Between October 10 and 12, the market attempted to push its dominance higher but failed to take it above its opening level of the month. Now, the Altcoin dominance remains at 10.27%, reflecting a drop of 0.01% in dominance this month.
Bitcoin Price Analysis
In the last 30 days, the Bitcoin market has recorded a massive surge of 9.3%. At the start of this month, the price was just $63,320. The initial days of the month were very dull. It dropped to a low of $60,349 on October 10. However, on October 11, massive buying pressure emerged, driving the price to a monthly peak of $66,084. Right now, the price stands at $65,740.29.
In conclusion, considering what the BTC Apparent Demand chart conveys, there is a high chance for the BTC price to grow even further this month. Even though the current market price is a bit lower than yesterday’s closing price, it is less likely to reverse the significant gains achieved lately.
Stay tuned to Coinpedia for more such chart-based crypto news stories.
