Buckle up, crypto fans! Bitcoin is making waves again, and it's not just a ripple; it's a tidal wave! After a recent surge in its price, the crypto king is flexing its muscles, reminding everyone who's boss in the digital currency world.
This week, Bitcoin has been on a rollercoaster, climbing to new heights. On October 17, Santiment, the on-chain analytics whiz, spotted a spike in whale transactions. We're talking about a whopping 11,697 transfers, each worth more than a cool $100,000, all within a couple of days. That's a lot of digital whale action!
And if you think that's all, think again! Social media is buzzing with Bitcoin chatter, stealing the spotlight from altcoins. It's like Bitcoin's the lead in a crypto blockbuster, and everyone wants a piece of the action.
But wait, there's more! The Bitcoin Fear and Greed Index has slipped into “greed” mode, hitting a high of 73 – the highest since July. It's like everyone's got a case of Bitcoin fever! And speaking of fever, Bitcoin dominance has hit a three-and-a-half-year high of 58.98%. It hasn't been this dominant since April 2021.
Crypto guru Benjamin Cowen chimed in with his prediction that Bitcoin's dominance could hit a wild 60% before the year's end, only to cool off in 2025. It's like a crypto tango: two steps forward, one step back!
Dan Held, another industry insider, believes we've broken through as buyers tire out sellers. With incredible macro fundamentals and a liquidity tsunami on the horizon, it's like Bitcoin's gearing up for a party, and everyone's invited.
On October 16, Bitcoin soared to a ten-week high of $68,250, marking an impressive 11% gain in just a week. Although it cooled to $67,400 in the Asian morning session, it's still on the move and just $1,500 shy of its previous record high from late 2021.
Crypto analyst ‘Rekt Capital' is also optimistic, suggesting that Bitcoin's sideways/downtrend is finally over, and the uptrend is back on track.
While Bitcoin is stealing the show, most altcoins are left in the dust, struggling to keep up. It's like Bitcoin's the star quarterback, and altcoins are just warming the bench. So, grab your popcorn and watch the Bitcoin show unfold!
