Bitcoin is back in the driver’s seat! It’s been on a tear lately, almost reaching its all-time high. In fact, Bitcoin now controls a whopping 65% of the entire crypto market, its biggest share in three years. This means altcoins, like Ethereum, are taking a backseat.
What’s driving Bitcoin’s dominance? A lot of it is coming from institutional investors who are buying up Bitcoin through new ETFs. These ETFs saw a massive $2.13 billion influx last week alone!
But what does this mean for altcoins?
Well, it’s not looking great right now. The “Altcoin Season Index” is currently sitting at 31, way below the 75 needed to signal a new altcoin boom.
However, not everyone is giving up on altcoins just yet. One crypto analyst, Ash Crypto, predicts that altcoins will have their moment in the sun within the next six months. He believes Bitcoin will continue its rally in the short term, potentially hitting $80,000 to $90,000 in the next month. After that, he says altcoins will take over, just like they did in 2021.
So, what’s the verdict?
It’s still too early to say for sure. Bitcoin is definitely in a strong position, but the future of altcoins remains uncertain. Only time will tell if they’ll be able to break free from Bitcoin’s shadow and have their own bull run. /p>
