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Sujit Kumar
Oct 16, 2024
by Sujit Kumar

Bitcoin Surges Past $68,000 as Altcoins Struggle to Keep Up

Bitcoin Surges Past $68000

Table of contents

  1. Analysts Predict New All-Time Highs
    1. Bitcoin Dominance Soars as Altcoins Lag Behind
Bitcoin has broken through the $68,000 barrier, edging closer to its all-time high of $73,000. According to CoinGecko data, BTC is now trading at around $68,200, reflecting a 4% increase in the last 24 hours.

Bitcoin's Strong Recovery After Inflation Dip

Last week, Bitcoin dipped below $59,000 due to hotter-than-expected inflation data for September. However, over the weekend, the cryptocurrency reversed its trend, reclaiming the $65,000 mark by Monday and continuing its upward trajectory.

Analysts Predict New All-Time Highs

Standard Chartered analysts remain bullish on Bitcoin, predicting that it could surpass its all-time high before the next U.S. presidential election. Some even suggest that Bitcoin could reach $100,000 or even $150,000 by the end of 2024, particularly if former President Donald Trump is re-elected.

Bitcoin Dominance Soars as Altcoins Lag Behind

While Bitcoin has seen significant gains, altcoins have struggled to keep pace. BTC’s dominance in the market has surged to 58.89%, the highest level since April 2021, according to TradingView data. This shift indicates a growing preference for Bitcoin over other cryptocurrencies.

Crypto investor Coach K Crypto predicts that Bitcoin’s dominance will soon peak, which could signal an impending "altseason." Crypto analyst Elja Boom also expects Bitcoin’s market dominance to decline, which might lead to a surge in altcoin prices as investors shift focus.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Altcoins Bitcoin $68000 struggle
Bitcoin Surges Past $68,000 as Altcoins Struggle to Keep Up
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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