Bitcoin Is Roaring and Analysts Say Altcoins Could be Next
Bitcoin reached an all-time high of over $111,000, driven by institutional inflows and macroeconomic factors. The cryptocurrency has gained over 18% since May, with net inflows into U.S.-listed spot Bitcoin ETFs exceeding $2.8 billion this month, raising total ETF holdings to over $122 billion. Analysts attribute the surge to institutional investments and the April halving, which reduced supply. Macroeconomic conditions, including increased liquidity and a weakening U.S. dollar, also contributed. Attention is shifting towards potential altcoin rallies, contingent on quantitative easing and Bitcoin dominance reaching around 70%. Currently, Bitcoin dominance is near 61%. A broader altcoin rally is deemed unlikely in the near term due to Bitcoin's ongoing price discovery phase, although select altcoins like Solana and Sui are gaining traction.
