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- Bitcoin dominance surpassing 65% suggests increased investor confidence and potential for a Q4 2024 bull run.
- Rising dominance often signals a shift from altcoins to Bitcoin, hinting at possible market movements in the near future.
Bitcoin market dominance has surpassed 65%, its highest level since early 2021, stoking anticipation that a bull run is imminent in Q4 2024, according to IntoTheBlock. This spike signals a change in the market as investors choose Bitcoin over altcoins more and more, maybe in response to rising macroeconomic instability and government demands.
Bitcoin Dominance surpassed 65% for the first time since early 2021, marking a 3-year high. pic.twitter.com/b5KTxgzBa4
— IntoTheBlock (@intotheblock) October 18, 2024
As traders search for the relative stability of Bitcoin against the volatility of lesser cryptocurrencies, the increase in Bitcoin dominance usually indicates a more general optimistic sentiment. Similar dominance levels have historically followed significant price swings in Bitcoin, hence strengthening expectations of a continuous bull run in the next months.
Bitcoin Growing Dominance Signals a Shift Toward Risk Appetite
Predicting market movements depends much on the relationship between Bitcoin dominance and its price. As Bitcoin takes a bigger chunk of the whole crypto market, it usually indicates that investors, especially those moving away from speculative altcoins, have a more taste for risk.
Bitcoin’s market share has been steadily rising over the past year, mostly keeping its position despite small falls. The next crucial level for Bitcoin supremacy, according to analysts, is 70%, which, should it reached, might initiate a full-fledged bull market.
Dominance at these levels has historically correlated with large price hikes, most famously in 2017 and early 2021.
Furthermore, although the Bitcoin price has been limited inside a declining trend for some months, its recent surge has sparked hope. Rising gradually, the BTC price has passed important resistance levels, and its technical indicators reveal short-term positive signs.
Nevertheless, there is still a discrepancy between the dominance of Bitcoin and its price performance, implying that although the larger market is leaning toward Bitcoin, steady upward momentum in its price is yet to fully show.
Beside that, CNF earlier revealed that Max Keiser, a Bitcoin enthusiast, foresaw the value of the coin skyrocketing to $220,000 Although Bitcoin has experienced some recent declines, 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, worries from organizations like the ECB imply that early adopters may gain disproportionately from Bitcoin’s ascent, hence aggravating wealth disparity and societal unrest, according to CNF.
Moreover, poor transaction speeds and high fees call into doubt Bitcoin’s initial intention as a worldwide payment system.
Meanwhile, as of writing, BTC is trading about $68,488.84, up 6.04% over the last seven days. Bitcoin stays a top focus for the possible bull run in Q4 2024 as investor interest increases.
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