Bitcoin "Runs" to $70,000, When Will Altcoins Rise?

The market's leading coin continues to show its strength as it nears the $70,000 threshold, but because of the record high Bitcoin Dominance, Altcoins have not been able to break out.

The fourth week of October witnessed Bitcoin's strong run. The largest coin in the market has increased to $69,500, only a few hundred steps away from reaching $70,000.

With the current price around $68,900 only appearing recently in June 2024, it shows that BTC has come a long way to recover.

BTC's rise is partly supported by Bitcoin spot ETF cash flow, with inflows reaching $2.13 billion last week. Besides, there are expectations for the US Presidential election in November. Donald Trump's "door to go" is still bright, bringing hope for a more open legal environment so he won the election.

However, Bitcoin's increase does not mean that Altcoins also grow accordingly, because BTC's market dominance rate (Bitcoin Dominance) also reached a new peak of 59%, a level not seen since March 2021, showing that the current market trend is determined by Bitcoin alone.

For example, Ethereum, although BTC is close to reaching 70,000 USD, ETH still has a long way to go to reach the 3,000 USD mark. Currently, Vitalik Buterin's child is only fluctuating around 2,740 USD, showing weak performance.

In contrast, Solana is much more "energetic", trading around 171 USD, up 17% in the past 30 days.

The coin that made the most noise this weekend was APE, which increased by 130% in just 24 hours, due to the news of the layer-2 ApeChain launch.

APE is currently trading around $1.5, doubling from $0.7 yesterday before the strong pump began.

Another positive sign is the record high capitalization of Tether (USDT), which has increased by $30 billion compared to December 2023.

Stablecoins, like USDT, are the bridge between fiat money and digital assets. When the supply of stablecoins increases, this is often considered a bullish sign, as it shows that investors are accumulating stablecoins before pouring money into the market.

All of these signals make investors extremely optimistic, expecting an Uptober or more broadly, a Q4 bull-run.

The bull market is unfortunately the time to "kill shorts". In the last 24 hours, $136 million worth of orders were liquidated, 72% of which were short orders.