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Bitcoin Dominance Hits A New Cycle High!
New whales acquire BTC at unprecedented rates.
Coinsauce
October 17, 2024
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Let’s get straight into today’s highlights.
📅 Today
💧Top headlines from the last 24 hours:
• Bitcoin Dominance hits 59%.
• Donald Trump Leads 60/40 in Presidential race.
📕Educational :
• New whale wallets acquire over 1.97 million BTC.
BTC Dominance Hits A Cycle High
Bitcoin Dominance has hit 59%, marking a new cycle top after 3.5 years. We have been bullish on Bitcoin Dominance since many months now, and our view has played out perfectly.
Going forward, we believe that BTC dominance could top out anywhere between 60-65%, after which altcoin rallies will start to outperform BTC.
Remember, it is impossible to time the market to perfection, so it is always good to maintain some hedged exposure in the market.
Post-halving year seasonality generally favors altcoins more than Bitcoin, so this could be a sign that things are about to slowly change for altcoins.
Donald Trump Takes The Lead
Donald Trump's chances of winning the U.S. election have soared to over 60% on Polymarket.
Trump is now 20% ahead of Harris, and the total betting volume is nearing $2 billion. People are betting their hard-earned money, and are confident that Trump will win.
Trump’s campaign has also managed to raise $7.5 million in crypto donations during the third quarter, nearly doubling the $3 million from the previous quarter.
Trump getting elected should favor bulls due to his pro-crypto stance, further adding fuel to the already bullish Q4 seasonality seen in the past with Bitcoin.
📕 Educational
New whale wallets now hold 1.97 Million Bitcoin.
Each has over 1K BTC, average coin age under 155 days, excluding exchange and miner wallets, likely custodial.
Their BTC balance surged 813% YTD, taking up 9.3% of the total supply, valued at $132B today.
To put it into perspective, it’s like institutional investors acquiring an additional 8.2% stake in a company named Bitcoin within a year.
The cap table for Bitcoin has become more diversified with the entry of institutional players.
No one calls Bitcoin gambling anymore, and I feel the atmosphere is becoming more mature.
This is a significant tailwind for BTC, as renewed interest from whales is necessary to push the prices above and beyond $70,000.
Source: Ki Young Ju
🌎 Other News
Trump-allied political action committee raises $7.5M in crypto. Read More
Crypto funding drops 20% in Q3 due to ‘barbell market’. Read More
94% of Asian private wealth is investing or considering crypto. Read More
Bitfinex Hacker Ilya Lichtenstein Should Serve 5 Years in Prison, DOJ Says Read More
Dogecoin Pumps Following Elon Musk 'D.O.G.E.' Tweet Read More
📊 Stat of the day
🤣 Meme of the day
That concludes our update for today!
We appreciate you joining us for the latest news. We aim to provide the best-in-class insights and highlights that keep you well-informed and ready.
Remember to join us on Telegram and Twitter for additional updates and giveaways. Until then, see you next time!
Disclaimer: None of the content shared in the newsletter is financial advice. Always do your own research and analysis before investing.
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