Bitcoin has been making a scene this week as it is closing in on the $64,480 ATH. As of October 16, BTC is at $61,833 after three consecutive green weeks. Many analysts are optimistic about a possible alt season as altcoins are finally catching up to the hype this time. Here is current state of the cryptocurrencies market.
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Bitcoin Gives You Wings
Standing tall at around $62k, BTC is bullish as ever. With 12.60% increase only in the past week and almost 30% in one month, these bull runs are making wall street people jealous. All data provided by CoinMarketCap.
The payoff has been huge for risk takers such as MicroStrategy as the company is now over $3 billion in profit. Other companies such as Tesla and Square are pretty much having the same good day as Michael Saylor. You can check some very interesting statistics on some of the known large investors and their approximate profit on BitcoinTreasuries.
Why Bitcoin Go Boom?
Primarily, the reason for this pump is associated with whales which in this case are institutional investors making big purchases. Last week, we made a report on institutions investing on BTC as a hedge against the growing inflation. And it seems like the trend is gaining popularity as the uncertainty grows about economical state of powerful governments.
The post-pandemic world is trembling with record high inflation, logistical challenges, greenflation and the very serious upcoming energy crisis. Looking at the challenges, it would be a very safe bet to expect the world economy to at least shrink a bit. China is dealing with a chain reaction of defaults in real estate companies as the market is nearing a collapse. The United States is dealing with a severe economic crisis. Many powerful countries are facing a terrifying energy crisis. Countries such as Germany, Brazil, UK and other Scandinavians are struggling to provide gas for winter. In short, “Brace yourselves, winter is coming.”
In that regard, the massive Bitcoin purchases can be well justified as institutions are cheating on gold with Bitcoin.
Yesterday, Ki Young Ju, CEO of CryptoQuant stated on Twitter that the whale buying is the primary reason for this pump.
Altcoin Season?
Generally speaking, in times of great pump for BTC, we can expect the dominance increase as money flows into the network. Subsequently, the altcoins seldom show very little fluctuation. In this case, the 46.79% BTC dominance is lower than expected. The vast majority of altcoins are bullish as some of them are nearing to surpass their all-time highs.
The following image shows how close some Coins are to reach their ATH.
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