Bitcoin’s market dominance reached a 3.5-year high on Oct. 15, climbing to 58.77%, the highest since April 2021. As Bitcoin’s price surged to $67,800, altcoins remained largely stagnant. Bitcoin briefly dipped to $64,880 before recovering to trade above $67,000, with a market capitalization of $1.32 trillion.
Historically, Bitcoin’s rising dominance has meant tough times for altcoins, and this trend continued as BTC gained 2.5% while altcoins stayed flat or dropped. Some analysts believe this dominance won’t last, predicting a shift towards altcoins soon.
Benjamin Cowen, founder of ICT Crypto, suggested Bitcoin’s dominance could peak at 60%, while investor Coach K predicted a breakdown in Bitcoin’s dominance, potentially paving the way for altcoins and memecoins to rise.
Ether (ETH), traditionally a strong altcoin, has seen its price relative to Bitcoin fall to its lowest level since 2021. Despite Bitcoin’s strength, many traders are still watching for a potential altcoin rally.