As a seasoned researcher with over two decades of experience in the financial markets, I have seen my fair share of bull runs and bear markets. The current state of the cryptocurrency market, particularly Bitcoin, is reminiscent of the gold rush days.
On October 17th, the analytics platform for the Om-chain, Santiment, announced that the number of significant Bitcoin transactions (whale transactions) has reached its peak in more than ten weeks.
On October 15th and 16th, there were 11,697 transactions exceeding $100,000 each, indicating a busy period for significant financial transfers, or “whale activity” as it is often referred to.
Additionally, the system pointed out that conversations on social media are predominantly about Bitcoin (BTC) compared to other cryptocurrencies (altcoins), accounting for more than a fourth of all discourse.
Bitcoin Dominance Peaks
Santiment found that these indicators suggest “the surge might temporarily pause because of significant investors cashing out and a widespread fear of missing out (FOMO) among the crowd.” They also noted that long-term trends appear promising, implying that any dip will probably be brief.
The number of significant Bitcoin transactions, defined as those exceeding $100,000, has surged to its highest point in more than ten weeks. Specifically, there were 11,697 such transfers recorded on the network yesterday, and it looks like we might see an even higher number today.
️ Additionally, conversations across social media have veered heavily toward BTC over…
— Santiment (@santimentfeed) October 16, 2024
As a researcher, I’ve noticed an intriguing trend in the crypto market: The Bitcoin Fear and Greed Index has dipped back to “greed” territory, hitting 73 on Wednesday – its highest since late July. This surge in optimism coincides with a notable milestone for Bitcoin dominance, which has reached a multi-year high this week.
On October 16th, as per Tradingview’s data, the market value reached a peak of 58.98%, marking its highest point in nearly three and a half years. This represents the greatest proportion of the market that the asset has held since April 2021.
On October 16th, Benjamin Cowen, the founder of ITC Crypto, forecasted that Bitcoin’s dominance might reach approximately 60% over the coming months up until December. However, he anticipates a decline in Bitcoin’s dominance by 2025.
He mentioned that it seems more probable that they will surpass the 60% mark rather than failing to reach it, regarding the ongoing weakness in altcoin/BTC pairings.
It’s my belief that by September to December of 2024, Bitcoin’s dominance will reach roughly 60%. However, in the year 2025, we can expect to see a decrease in its dominance.
Obviously I don’t know the *exact* top.
It seems to me that reaching 60% might be more of an overachievement rather than a missed target, given the current state of #ALT and #BTC pairings.
— Benjamin Cowen (@intocryptoverse) October 16, 2024
According to industry consultant Dan Held, a significant shift or “breakout” has taken place due to buyers outpacing sellers in the market. He further commented that the overall economic conditions are extremely strong, a large influx of liquidity is expected soon, and most doubts (FUD) related to exchange distributions and government selling have been alleviated.
“Once we break all-time highs, retail piles in, and then we officially have a bull run.”
BTC Price Outlook
On October 16, Bitcoin reached a peak of $68,250, marking a ten-week high and boosting its weekly growth by 11%. During the Thursday morning Asian trading hours, it dipped to trade at $67,400, but its upward trend persists.
Currently, the asset is nearly touching the psychological threshold of its highest point during the last bull run in late 2021 ($69,000), sitting approximately $1,500 below that level.
According to analyst ‘Rekt Capital’, it’s likely that the previous sideways or downward trend has been disrupted, given the recent achievement of a new high point.
#BTC
Bitcoin resumed its uptrend$BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) October 16, 2024
Currently, many alternative cryptocurrencies are holding steady or experiencing losses while Bitcoin grows and takes a larger share of the overall crypto market.
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2024-10-17 08:41