Altcoin Analysis and Bitcoin (BTC) Trends Amid Election Buzz

Wednesday, 30 October 2024, 16:30

Altcoin analysis shows that Bitcoin's dominance is increasing as the US Presidential Election approaches. The market dynamics are favoring Bitcoin, potentially sidelining altcoins. Recent data reveals that Bitcoin's market share, represented by BTC.D, is at its peak since 2021.
Beincrypto
Altcoin Analysis and Bitcoin (BTC) Trends Amid Election Buzz

Bitcoin Dominance on the Rise

As the US Presidential Election draws near, Bitcoin's dominance over the cryptocurrency market is rising, diminishing hopes for an altcoin season. This shift is evident with Bitcoin dominance climbing to its highest level since 2021. An increasing BTC.D indicates that Bitcoin is outperforming many altcoins.

Key Momentum Indicators

According to BeInCrypto’s assessment, the bullish bias towards Bitcoin is strengthening. BTC.D's moving average convergence/divergence (MACD) shows encouraging signals, suggesting that Bitcoin is currently outperforming altcoins:

  • BTC.D MACD readings indicate increasing strength.
  • Demand for Bitcoin spot ETFs has surged, reflecting strong investor interest.
  • A recent report forecasts Bitcoin's price could reach $100,000 by January 2025 due to rising ETF demand.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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