Bitcoin’s recent rally has hit a bump in the road, slipping 1.4% in the past 24 hours to $121,305, as reported by Coingecko. This decline comes despite the ongoing positive trend in spot Bitcoin ETFs, which continue to attract strong inflows, suggesting that institutional interest remains robust. Interestingly, even with this recent drop, Bitcoin has managed to rise 3.3% over the week, highlighting a somewhat resilient market. Meanwhile, there’s a notable surge in online searches for “how to buy Bitcoin on Binance,” indicating that many investors are still actively looking for opportunities, including the best cryptocurrencies to buy.
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Bitcoin dominance has surged to 58.58%, its highest level since June, indicating a strategic shift among traders who are moving into safer assets amid rising U.S. debt ceiling concerns and a strengthening U.S. dollar. The Altcoin Season Index has dropped nearly 10%, and Ethereum’s dominance stands at 12.66%. This trend underscores a diminishing appetite for altcoins, suggesting that traders are increasingly seeking refuge in Bitcoin’s relative stability.
According to data from Glassnode, U.S. spot Bitcoin ETFs have recorded over $2.2 billion in net inflows this week, marking their best performance since April. This wave of institutional buying has helped Bitcoin break through a crucial resistance range between $114K and $117K, indicating strong structural support for the cryptocurrency.
Despite these positive indicators, risk sentiment in the market remains cautious. The correlation between crypto and the S&P 500 has risen to 0.83, the highest seen since August, as hawkish remarks from the Federal Reserve have added pressure on equities. Traders are now closely monitoring the upcoming U.S. Consumer Price Index (CPI) report, which could reignite concerns about inflation and interest rates.
Not every asset is facing downward pressure; Zcash, a privacy-focused coin, is seeing remarkable performance. It has jumped 33% in the last 24 hours, bringing its gains to over 330% for the month, trading near $240 with a market cap of $3.8 billion. Simultaneously, the Solana ecosystem has witnessed new enthusiasm with the meme coin Useless reaching a new all-time high of $0.45, sparking optimism among investors.
As Bitcoin stabilizes around the $121K mark, analysts are starting to debate whether Zcash or the emerging meme sector of Solana might present the best investment opportunities this October. With various market dynamics at play, investors are keenly assessing their options in this ever-evolving landscape.
Read original story [LIVE] Crypto News Today, October 10 – Bitcoin Price USD Holds at $121K as ETFs Record Strong Inflows, Zcash Jumps 33% and USELESS Hits New ATH: Best Crypto to Buy This October? by Fatima at 99bitcoins.com
