Bitcoin, Ethereum & Altcoins – American Wrap 20 October
Bitcoin (BTC) price has recorded higher highs and higher lows over the past week, beginning October 12, amid growing buying pressure. On October 16, the price exploded with a significant margin, coming on the back of what proved to be false reports, but investors have not relented.
Major cryptocurrencies spiked as much as 13% as a bump in Bitcoin (BTC) led to an overall rise in crypto markets, buoyed by hopes of a spot bitcoin exchange-traded fund (ETF) approval.
Bitcoin’s dominance, which has reached the highest level in 2023, above 52%, is signalling a challenging phase for altcoins. While most altcoins are struggling to gain momentum, some analysts believe that this might be the leg of the bear cycle if history repeats.
