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.
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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.
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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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Author: Best Owie