On Oct. 17, om-chain analytics platform Santiment reported that Bitcoin whale transactions have spiked to their highest level in over ten weeks.<\/p>\n
There were 11,697 transfers worth more than $100,000 on Oct. 15 and the 16th was also shaping up to be a high day for whale activity.<\/p>\n
The platform also noted that social media content has \u201cveered heavily toward BTC over altcoins,\u201d making up over a quarter of all discussions.<\/p>\n
Santiment concluded that these two signals are signs that \u201cthe rally may be on hold due to key stakeholder profit taking and high crowd FOMO.\u201d\u00a0Long-term metrics are looking bullish so any pullback is likely to be short, it added.<\/p>\n
Bitcoin\u2019s whale transactions have spiked to their highest level in over 10 weeks, with 11,697 $100K+ transfers on the network Tuesday, and Wednesday on pace for a high mark as well.<\/p>\n
\ufe0f Additionally, conversations across social media have veered heavily toward BTC over\u2026 pic.twitter.com\/Izhq6JeaAd<\/a><\/p>\n \u2014 Santiment (@santimentfeed) October 16, 2024<\/a><\/p>\n\n Market sentiment has also slipped back to \u201cgreed,\u201d\u00a0according<\/a> to the Bitcoin Fear and Greed Index, which reached 73 on Wednesday, the highest since late July.\u00a0Another consequence of this week\u2019s market rally is a multi-year high for Bitcoin dominance.<\/p>\n The metric hit a three-and-a-half-year high of 58.98% on Oct. 16, according<\/a> to Tradingview. It is the largest market share the asset has had since April 2021.<\/p>\n In a post on X on Oct. 16, ITC Crypto founder Benjamin Cowen predicted that Bitcoin dominance would peak at around 60% between now and December before falling in 2025.<\/p>\n \u201cI think it is more likely to overshoot 60% than not make it there,\u201d he added, referring to altcoin\/BTC pairs remaining weak.<\/p>\n Still think this is the most likely scenario. #BTC<\/a> dominance tops at ~60% between Sep-Dec 2024, and then goes down in 2025.<\/p>\n Obviously I don\u2019t know the *exact* top.<\/p>\n But I think it is more likely to overshoot 60% than not make it there, especially with #ALT<\/a> \/ #BTC<\/a> pairs still\u2026 https:\/\/t.co\/xuXOGcMHMW<\/a> pic.twitter.com\/YtsvBK2GZt<\/a><\/p>\n \u2014 Benjamin Cowen (@intocryptoverse) October 16, 2024<\/a><\/p>\n\n Industry advisor Dan Held said<\/a> that the breakout has occurred \u201cas buyers exhaust sellers.\u201d\u00a0He added that the macro fundamentals<\/a> were \u201cincredible,\u201d liquidity was about to flood the market, and most of the FUD<\/a> from exchange distributions and government selling had been wiped away.<\/p>\n \u201cOnce we break all-time highs, retail piles in, and then we officially have a bull run.\u201d<\/p>\n Bitcoin hit a ten-week high<\/a> of $68,250 on Oct. 16 propelling its weekly gains to 11%. It retreated to trade at $67,400 during the Thursday morning Asian session, but momentum remains.<\/p>\n The asset is now just $1,500 away from the psychological level of its previous bull run peak of $69,000 in late 2021.<\/p>\n Analyst \u2018Rekt Capital\u2019 also believes that the sideways\/downtrend has now been broken with this latest higher high.<\/p>\n #BTC<\/a><\/p>\n Bitcoin resumed its uptrend$BTC<\/a> #Crypto<\/a> #Bitcoin<\/a> https:\/\/t.co\/SLvZpzRv62<\/a> pic.twitter.com\/zwWYmSVrb2<\/a><\/p>\n \u2014 Rekt Capital (@rektcapital) October 16, 2024<\/a><\/p>\n\n Meanwhile, most altcoins remain flat or in the red again as Bitcoin continues to devour them and increase its own slice of the crypto market pie.<\/p>\n The post Bitcoin Devours Altcoins Hitting 59% Dominance as Whale Activity Surges<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" On Oct. 17, om-chain analytics platform Santiment reported that Bitcoin whale transactions have spiked to their highest level in over ten weeks. There were 11,697 transfers worth more than $100,000 on Oct. 15 and the 16th was also shaping up to be a high day for whale activity. The platform also noted that social media […]<\/p>\n","protected":false},"author":0,"featured_media":14434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-14433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/14433"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14433"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/14433\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/14434"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}BTC Price Outlook<\/h2>\n