By Hassan Mehmood (Saudi Arabia)
Since the start of October, Bitcoin’s price has witnessed significant progress, which cannot be said for September. However, altcoins have not performed well since last month.
Bitcoin’s Dominance at 60.3%
Bitcoin’s dominance is now standing at a two-month high figure as it touches 60.3% dominance, while altcoins’ value stands at 39.7%. This month has proved bullish for the top digital asset as it moved out of September’s bearish spell. On the other hand, altcoins are not performing well since the beginning of September.
However, August was a better month for altcoins in terms of performance as Bitcoin’s dominance plunged below even 60% for the first time since the beginning of 2020. But altcoins’ bullish position lost control at the start of September.
Q3’s end was not perfect for Bitcoin as the world’s leading asset lost most of its value. In fact, September proved a bad month for Bitcoin as compared to other months. But altcoins showed a mixed response over last month as most of the cryptocurrencies gained a fresh momentum while some had lost significant value.
Bitcoin’s Bullish Position
In the latest rally, Bitcoin has outperformed most large-cap cryptocurrencies and its dominance has increased. Most coins, who gained investment capital last month, have also shredded their values.
The price value of the top digital asset has witnessed the mark of $11,970, the highest figure since mid-August. After claiming $11,970, it is moving to catch the most important psychological level standing at $12,000.
The market analysts and experts expect a bull cycle that is close after it exceeds $12k. The crypto market moves out of the effects of BitMEX’s charges, KuCoin’s hack, and OKEx’s withdrawal suspension.
There are strong chances of a big bullish rally as Bitcoin has decoupled from the S&P 500. On Monday, Bitcoin submitted an increase of 3.4% in value while the S&P 500 plunged by 1.63%.
A crypto analyst with Twitter username @CredibleCrypto stated,” we will see an equity bear market and a crypto bull market at the same time. The fabled “decoupling” as some may call it.”
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