Take a fresh look at your lifestyle.

Bitcoin's dominance has reached a 2-month high

0


August was a bullish month for altcoin traders as they ranked on gains, forcing Bitcoin's dominance to drop below 60% for the first time since the beginning of the year. However, the altcoin euphoria was short-lived as September brought in the bears.

The end of the third quarter was not good for Bitcoin traders, but that was expected as September is generally not a profitable month for Bitcoin. In fact, the data shows that Bitcoin has lost more in September than in any other month.

As expected, the Bitcoin effect was seen across the market. Altcoins suffered the most, destroying almost all the gains accumulated in the previous month.

Bitcoin: eyes on the 12k

Bitcoin is pushing hard towards the $ 12k mark. It traded as high as $ 11,942 for the first time since mid-August.

Analysts believe the trend is the beginning of a new bull cycle for the leading cryptocurrency, considering that the coin protected and quickly recovered from recent negative news, including BitMEX charges and OKEx's withdrawal saga.

Although October has been impressive for Bitcoin, and the currency has since rebounded from September's bearish move, altcoins continue to live in last month's terrible nightmare.

October: another nightmare for altcoins

Bitcoin's dominance started to rise in mid-September after it dipped to 55%. At the time of writing this article, cryptocurrency maintains a 60.3% dominance of the entire cryptocurrency market, while altcoins struggle with 39.7%.

btc_dominance
Bitcoin dominance. Source: CoinMarketCap

Even Ether (ETH), the second largest cryptocurrency, was not spared. In August, the coin traded close to $ 500, reaching $ 485 for the first time in two years. In the past two months, Ether lost more than 20% of its value and market dominance fell from more than 15% to 11%.

Now, ETH is trading hands at $ 370 with a loss of 2% on the daily chart. However, the speculation in the market is that the next phase 0 of ETH 2.0 could provide the necessary boost for the Ether bulls.

As for the top 100, a handful of altcoins have destroyed at least 15% of their value in today's trading session. Some of the biggest losers include Uniswap (-17%), Crypto.com (-25%), Balancer (-19%). Meanwhile, Flexacoin saw a huge boost with more than 258.11% gains in the last 24 hours.



Leave A Reply

Your email address will not be published.