Bitcoin market share soared to its highest point since Apr. 2021, as its price kept climbing while altcoins lagged behind. On Oct. 15, Bitcoin’s dominance reached 58.77%, a level not seen in over three years, alongside a 10-week high price of $67,800, according to TradingView. Bitcoin pulled back sharply to $64,880 before bouncing back to just over $67,000, giving it a market cap of $1.32 trillion.
Historically, when Bitcoin dominance rises, it spells trouble for altcoins, and today, it is no different. BTC saw a 2.5% gain, while most altcoins stayed flat or dipped. However, some traders believe Bitcoin’s dominance won’t last long and expect a crash soon, which they say will create space for altcoins to take off.
On Oct. 16, ICT Crypto founder Benjamin Cowen shared on X that Bitcoin’s dominance could hit a high of 60%. Meanwhile, crypto investor Coach K told his 129,000 followers that Bitcoin has likely peaked for this cycle, stating that it “needs to surge” before anything else in the market moves forward.
Bitcoin decline sparks altcoin momentum
Analyst Moataz Elsayed said that Bitcoin’s dominance is about to take a big hit. He predicts that this shift could open the door for memecoins and other major altcoins to rise. According to Elsayed, the crash could signal the beginning of altcoin season.
Ethereum has traditionally been one of the first to gain momentum when Bitcoin’s dominance starts to drop. However, the Ether to Bitcoin ratio (BTC to ETH) has now dipped to its lowest point since Apr. 2021, falling below 0.039 again this week, according to TradingView. It’s also nearing an important psychological barrier, Bitcoin’s all-time high of $69,000, a level it maintained for nearly three years.
Institutional investors remain interested in Bitcoin, with U.S. spot ETFs pulling in $371 million in net inflows on Oct. 15 alone. Farside Investors reports that these funds have collectively attracted more than $1.1 billion over the last three trading days.
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