Key Takeaways
- Bitcoin’s market dominance hit a 3.5-year high of 58.77%.
- Altcoins struggled as Bitcoin gained 2.5% in the last 24 hours.
- Institutional interest in Bitcoin remains strong with $1.1 billion in ETF inflows.
Bitcoin’s market dominance surged to a 3.5-year high of 58.77% on October 15, as its price reached $67,800, marking a 10-week peak.
The rise came as altcoins remained largely stagnant, with many struggling to keep up with Bitcoin’s momentum.
Dominance vs alts
Historically, Bitcoin’s dominance increase has signaled tough times for altcoins, and this time was no different.
Bitcoin gained 2.5% while most altcoins traded flat or saw slight declines.
Market analysts are divided on whether this trend will continue. Some predict that Bitcoin’s dominance will soon peak at 60%, potentially setting the stage for an altcoin rally.
ETH to BTC ratio
However, the Ether-to-Bitcoin ratio fell to its lowest level since April 2021, indicating that altcoins like Ether are still struggling to break out.
Institutional interest in Bitcoin remains high, with the 11 U.S. spot ETFs recording $1.1 billion in inflows over the past three days, according to Farside Investors.
