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Crypto Bulls Lose Steam as Chaos Engulfs Mideast
After a bullish start to the month of October 2023, the crypto market now finds itself awash in a sea of red, thanks to the rapidly changing global political situation.
Amidst this tumultuous period, one factor that might be contributing to the prevailing bearish sentiment is the ongoing Israel-Palestine conflict.
Recent data from Santiment reveals a staggering 93% drop in the “bullish” trend within the past 24 hours, signaling a notable shift in investor sentiment.
Altcoin Exodus: A Surge in Bitcoin Dominance
As the market takes a downturn, investors are flocking back to the safety of Bitcoin (BTC), resulting in a significant surge in its market dominance. According to CoinMarketCap (CMC) data, BTC’s market dominance has soared to a three-month high of 50.2%. This resurgence in Bitcoin’s dominance coincides with a 0.65% dip in its price over the last day, currently trading at $27,665 with a market capitalization of $539.8 billion. Remarkably, its 24-hour trading volume has surged by an impressive 60%, reaching $12.1 billion.
