Bitcoin dominance hits 3.5-year high as altcoins get left behind

Bitcoin’s dominance hit a three-and-a-half-year high of 58.77% during late trading on Oct. 15, the same time it hit a 10-week high of $67,800, according to TradingView.

Bitcoin $Bitcoin (BTC.CC)$ retraced sharply to $64,880 before climbing back to trade just above $67,000 with a market capitalization of $1.32 trillion.

In an Oct. 16 X post, ICT Crypto founder Benjamin Cowen predicted that Bitcoin’s dominance would top out at 60%, while crypto investor Coach K Crypto claimed Bitcoin’s dominance had peaked for this cycle, telling his 129,000 X followers that Bitcoin “needs to rip” before anything else can happen.

Analyst Moataz Elsayed said on Oct. 14 that Bitcoin’s dominance “is about to crash hard” and predicted the start of altcoin season.

Ether $Ethereum (ETH.CC)$ 1is historically one of the first assets to move when Bitcoin’s dominance declines, but the Ether to Bitcoin ratio, a conversion rate of BTC to ETH, is close to itslowest levelsince April 2021, falling below 0.039 again this week,accordingto TradingView.

But it’s now approaching a key psychological level — its 2021 high of $69,000, which it held for about three years.

Institutional investors are still keen on BTC with the 11 US spot exchange-traded funds seeing net inflows of $371 million for Oct. 15. The products have seen more than $1.1 billion in aggregate inflows over the past three trading days, according to Farside Investors.