Renowned crypto market analyst Ki Young Ju recently shared a compelling chart titled “Bitcoin: Apparent Demand (30-day Sum)” that sheds light on the increasing demand for Bitcoin over the past month. This chart reveals an intriguing trend: a significant uptick in Bitcoin demand. What does this mean for the future of Bitcoin?
Rise in Bitcoin Apparent Demand: What Does it Indicate?
The “Bitcoin: Apparent Demand (30-days Sum)” chart is an insightful tool that gauges the level of interest and activity surrounding Bitcoin within the last 30 days. A noticeable rise in this index indicates a surge in investor confidence. Historically, when investors gain confidence in an asset, it often leads to bullish momentum, driving prices higher.
Bitcoin’s Current Dominance in the Market
At the beginning of this month, Bitcoin’s dominance in the cryptocurrency market stood at approximately 57.39%. It swiftly rose to 58.02% on the second day and reached a monthly peak of 58.21% on the third day. However, the upward trend paused, and Bitcoin’s dominance began to stabilize. Over the past few days, it fluctuated between 58.13% and 57.68%, with the lowest point on the tenth day. As of today, the fifteenth day of the month, BTC dominance is at 58.10%.
On October 11 and 14, Bitcoin’s dominance experienced a notable increase. Just yesterday, it rose from 57.93% to 58.11%. Throughout the month, Bitcoin’s dominance has increased by 0.71%, highlighting its ongoing influence in the crypto market.
Altcoin Dominance: An Overview
During the same period, the Altcoin market has experienced a decline in dominance. At the start of the month, Altcoin dominance was 10.28%. By the third day, it reached a monthly low of 9.94%. Despite attempts between October 10 and 12 to regain higher dominance levels, Altcoin dominance remained below the opening level of the month. Currently, Altcoin dominance stands at 10.27%, reflecting a slight decline of 0.01% this month.
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Bitcoin Price Analysis
Over the last 30 days, Bitcoin has witnessed a robust price increase of 9.3%. At the month’s outset, Bitcoin was priced at $63,320. The initial days were relatively uneventful, with the price dropping to a low of $60,349 on October 10. However, a strong buying wave on October 11 propelled the price to a monthly high of $66,084. Currently, the price is at $65,740.29.
In conclusion, the insights from the BTC Apparent Demand chart suggest a promising outlook for Bitcoin’s price trajectory this month. Although the current market price is slightly below yesterday’s closing price, it is unlikely to reverse the significant gains achieved recently.
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