Dominance Debrief: 10/19 – 10/25
Last week was a busy time in crypto, with bitcoin soaring to an all-time high around $67,000 amidst the launch of the first-ever bitcoin exchange-traded fund (ETF), which saw nearly $1 billion in trading volume on its opening day. With another bitcoin ETF set to launch this week from VanEck, both institutional and retail investors alike will have increasingly greater opportunities to gain exposure to bitcoin, boding well for the crypto community as a whole.
Despite bitcoin’s strong performance, it’s not the only cryptocurrency with recent price movements indicative of a bullish market. Solana’s native token reached a new all-time high after its price surged by 36%, and even the Shiba Inu coin jumped by 45% to hit an all-time high. With altcoins heating up, bitcoin’s dominance fluctuated between 43% and 45% over the week.
“The market moves in cycles, typically alternating between bitcoin season and altcoin season,” said Michal Cymbalisty, co-founder of Domination Finance. “With bitcoin’s slight decline over the weekend, what we’re seeing is people re-allocating profits made from bitcoin into altcoins.”