The world’s largest cryptocurrency by market capitalization, Bitcoin has just crossed a new All Time High from its last ATH back in April, 2021. This happens just about 24 hours after the first ever Bitcoin futures ETF launched on the New York Stock Exchange.
October seems to be a green month indeed as traders have called it since last month with the slang “uptober”. This is to imply that the month would be green for the crypto markets. The digital asset is currently trading above $65,000 and making an uptrend towards $66,000 at the time of this publication.
Is this Good for Alts?
A number of traders and analysts have suggested that the uptrend in the price of Bitcoin might increase the Bitcoin Dominance (BTCD) in the markets which is not really good for Alts. This is because according to them, the higher the dominance, the greater the liquidity in Bitcoin markets and lesser in Alts.
Others are of a different view that the increase in the price of Bitcoin (BTC) will bring a kind of reassurance and confidence to the markets. Most investors would want to make short term gains and Altcoins can easily give that. Hence, liquidity will go into alts as a result and the price will spike.
What do you think the market is up to? Share in the comment section below
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