Bitcoin Leads Charge Of Large Cap Altcoin Dominance In October
October 20 2021 - 6:00PM
NEWSBTC
Bitcoin has regained dominance over the market in recent times. The
digital asset has seen price recover towards previous highs, with
less than 1% left for it to surpass its previous all-time high.
This has so far renewed faith in the asset and the market and has
seen sentiment move into the positive in the broader crypto market.
Bitcoin has not shown any signs of slowing down since then. On the
index side, bitcoin has not taken any prisoners in its market
domination. The digital asset has crushed every single index in the
market and has outperformed indexes from small to mid-size, bar the
Large Cap Index. BTC price shows that the asset is back in the
lead. Trends show that it has only begun to rally. With October
margins showing a 180% turn from September lows. This is quite
simply bitcoin’s season. Bitcoin Takes Charge Of The Market
Bitcoin’s numbers for the month have been nothing short of
exceptional. It has led the charge for the massive recoveries that
have been witnessed in the market. The total market rally was
sparked by BTC’s upward movement which began at the beginning of
the month and since then, the Large Cap Index has recorded an
impressive profit margin. Related Reading | Number Of Bitcoin
Whales On The Rise As BTC Chases New All-Time High BTC has been at
the forefront of the recovery in the market. The digital asset is
up 29% in the month of October. While the Large Cap Index is up 32%
in the same time frame. The recovery strength demonstrated in the
price of top coins like BTC, ETH, BNB, and DOT have been the
driving factor behind the Large Cap Index success in the market.
BTC outperforms small and mid cap indexes | Source: Arcane Research
Both Bitcoin and the Large Cap Indexes have outperformed their
counterparts in the market, which have not fared as well in the
market. The top coins have recovered close to their previous
all-time highs, pushing the total crypto market cap towards new
all-time highs. Small And Mid Cap Indexes Not Faring As Well Small
and Mid Cap Indexes have also recovered in the month of October but
compared to bitcoin and the Large Cap Index, they have not fared as
well in the market. Arcane Research reported that the Small and Mid
Cap Indexes have recorded growth of 16% and 11% respectively.
Related Reading | Wall Street Strategist Puts Bitcoin As High
As $168,000 By Year-End Both indexes had seen a favorable summer
while bitcoin had suffered bitter crashes and dips. However, this
has changed in favor of BTC following its performance in the market
after summer ended. Trading volume had returned to the pioneer
digital currency and it had surpassed the smaller altcoins in the
market. BTC price balances above $64K | Source: BTCUSD on
TradingView.com In addition to outperforming the Small and Mid Cap
Indexes, Bitcoin has also maintained dominance over the broader
crypto market. Right now, the BTC dominance sits at 46.9%,
representing a two-month high. Featured image from Bitcompare,
chart from TradingView.com
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