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BTC Dominance at 3-Month High


The latest developments in the US claiming that a Bitcoin ETF might be just around the corner pushed the cryptocurrency to $63,000 hours ago. Most altcoins have failed to follow their leader north, and the BTC dominance reached a near three-month high.

Bitcoin Came $2K Away from ATH

On October 13th – just three days ago – the primary digital asset had dipped below $55,000 after getting rejected at the $58,000 level. The situation quickly changed in the following days, and BTC headed north towards new multi-month highs.

At first, bitcoin neared $58,000 once more and, after a few more attempts, managed to overcome it decisively. This came amid reports that a Bitcoin Futures ETF could launch in the US as early as next week.

While the Securities and Exchange Commission is yet to publish an official confirmation of this, the rumors intensified on Friday, which propelled another leg up for BTC.

This time, bitcoin shot above $60,000 and kept climbing. This culminated hours ago when the asset came just inched away from $63,000 – or roughly 3% away from its April all-time high of $65,000.

BTC has retraced by a few thousand dollars as of now, but it’s still well above $60,000, and its market capitalization stands north of $1.150 trillion. Its dominance over the altcoins has tapped a near three-month high at 47%, as most of them trail behind.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Eyes $4K: DOT Up by 7%

As mentioned above, most alternative coins have lost some ground against bitcoin lately, but they are still well in the green against the dollar. Ethereum had dropped below $3,500 days ago but currently trades at almost $3,900.

Binance Coin (3.5%), Cardano (1.5%), Ripple (1%), Dogecoin (3.5%), Terra (1%), and Litecoin (4%) have marked some gains on a 24-hour scale. Polkadot has trumped all others with a 7.5% increase to above $43. This came just days after the project made a massive announcement in regards to its parachains.

Solana is the only top 10 coin with a sizeable price decline since yesterday, with a 3% drop to below $160.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

 

More gains from The Graph (17%), Amp (15%), NuCypher (10%), and ICP (8%) helped the crypto market cap to top $2.5 trillion briefly. Thus, the metric came inches away from charting a new all-time high as well.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



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