Bitcoin Devours Altcoins 59% Dominance As Well Movement Grows

On October 17, om-chain analytics platform Santiment reported that Bitcoin Well transactions rose to their highest level in more than ten weeks.

There were 11,697 transfers worth more than $100,000 on October 15, and the 16th was shaping up to be a peak day for whale activity.

The platform also said that social media content “overturned the most BTC on the altcoin,” accounting for more than a quarter of all conversations.

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The peaks of Bitcoin dominance

Sentiment concludes that these two signs are “signs that the rally may be sustained due to major stakeholder profit-taking and FOMO overcrowding.” Any pullback is likely to be short-lived as long-term metrics look bullish, he added.

Bitcoin whale transactions surged to a more than 10-week high, with 11,697 $100K+ transfers across the network on Tuesday, and on Wednesday at a faster pace as well.

️ Also, discussions on social media have shifted strongly to BTC… pic.twitter.com/Izhq6JeaAd

— Santiment (@santimentfeed) October 16, 2024

Market sentiment has returned to “greed”, according to the Bitcoin Fear and Greed Index, which reached 73 on Wednesday, which is the highest since the end of July. Another consequence of this week's market rally is a multi-year high for Bitcoin dominance.

The benchmark surged 58.98% to a three-and-a-half-year high on Oct. 16, according to Tradingview. It is the largest market share since April 2021.

In a post on X on October 16, ITC Crypto founder Benjamin Cowen predicted that Bitcoin's dominance would increase by around 60% before collapsing by 2025.

“I think it's more likely to hit over 60% than not there,” he added, referring to the altcoin/BTC pair remaining weak.

Still think this is a very likely scenario. #BTC dominance will rise by ~60% between September-December 2024, and decline in 2025.

Obviously I don't know the *correct* top.

But I think it's more likely to hit over 60% than not there, especially with the #ALT/#BTC pair still… pic.twitter.com/YtsvBK2GZt

— Benjamin Cowen (@intocryptoverse) October 16, 2024

“It's because buyers are crowding out sellers,” says industry consultant Dan Held. He added that macro fundamentals are “spectacular”, liquidity is about to flood the market, and most of the FUD has been cleared from currency spreads and government sales.

“Once we break all-time highs, retail piles up and then we officially have a bull run.”

BTC Price Outlook

Bitcoin hit a ten-week high of $68,250 on October 16, extending its weekly gain to 11%. It retreated to trade at $67,400 in Thursday morning's Asian session, but the momentum remains.

The asset is now just $1,500 away from the high psychological level of the $69,000 bull run at the end of 2021.

Analyst ‘Rekt Capital' also believes that the sideways/trend has now been broken at this high high.

#BTC

Bitcoin continues its highs $BTC #Crypto #Bitcoin pic.twitter.com/zwWYmSVrb2

— Rekt Capital (@rektcapital) October 16, 2024

Meanwhile, most altcoins remain flat or in the red as Bitcoin eats them and increases its own crypto market pie.