The dominance of Bitcoin in the crypto market share is increasing rapidly and this is giving a hint that the next Bitcoin bull phase is very near.
The current trade price of Bitcoin is $28,191 & this trade price is 56% high year to date (YTD). This year, the trade price of Bitcoin grabbed a continuous increment with small dumps, thanks to the macroeconomic situation in the world.
The current crypto bear phase has completed nearly two years ago and now we are going to enter the third year. It is common for the crypto market to show a big rally every three years.
However, here we can’t predict the next bull phase of this innovative market on behalf of the past timeframe but currently, many factors are showing that a very big rally is nearing.
In the last week, we already covered four Bitcoin bull run factors i.e. Bitcoin network hash rate, the US presidential election, Bitcoin spot ETF products, and the Bitcoin halving event. Now a new factor joined this list called “Bitcoin dominance”, the fraction of Bitcoin trade volume out of the total crypto market trade volume.
On 16 Oct 2023, Bitcoin dominance was 52.45% and this figure was at an all-time highest since April 2021. At the time of writing this article, Bitcoin dominance is 50.81%.
The increasing Bitcoin dominance is showing that crypto investors are filling their bags with bitcoin investment over altcoins, to enjoy huge profits in 2024.
Fake news, Real picture
On 16 Oct 2023, Cointelegraph news media published a fake report via X (Twitter) handle and claimed that the first Bitcoin spot ETF application approved by the United States Securities and Exchange Commission (SEC).
Within less than 1 hour, the Cointelegraph team deleted that tweet and the next day clarified that the team published that report on behalf of a telegram user.
However, the news was fake but it showed a picture where we can see the eagerness of Bitcoin investors & their expectations with the near Bitcoin bull rally.
Notably the trade price of Bitcoin surged 10% within 10 minutes, following the fake news and it is enough to get hint that what will happen if the first Bitcoin ETF will enter the US market officially.
Bitcoin Fear & Greed Index
The current Bitcoin Fear & Greed Index is 52, which means crypto investors are positive about the current market sentiment & expecting more price increments in the incoming weeks.