Altcoin Analysis: Bitcoin's Rising Influence and Impact on Altcoins
Bitcoin's Dominance Over the Cryptocurrency Market
Bitcoin's price has been on a steady upward trend since mid-September, rising from $53,000 to $67,000. This impressive growth has stalled the anticipated altcoin season, drawing investor attention and capital toward Bitcoin instead of smaller assets.
Bitcoin Is Dominating the Market
Bitcoin’s dominance over the crypto market continues to grow, surpassing 59% in October, an increase of 3.45% throughout the month. This rise is primarily due to Bitcoin’s price appreciation, making it an attractive investment option, especially for institutional players. In a weekend brief, QCP highlighted positive ETF inflows over the last three weeks, which are signaling high institutional demand.
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