The cryptocurrency market is currently undergoing a moderate correction, with total market capitalization dipping by 1.3% over the past day to approximately $2.31 trillion. This decline marks a roughly 3% drop from the recent peak, yet the sentiment remains firmly in the “greed” territory, as indicated by the sentiment index holding steady in the 70-73 range for the eighth consecutive day.
Bitcoin’s Dominance Grows
As the market adjusts, Bitcoin continues to solidify its position, capturing an increasing share of the overall cryptocurrency capitalization. Currently, Bitcoin’s market dominance has risen to 57.3%, the highest level observed since April 2021. This shift comes as Ethereum and other altcoins experience a decline in market share.
Despite this dominance, Bitcoin’s price has retreated below the $67,000 mark, reflecting a 1% loss in the last 24 hours and nearly 4% from its peak on October 21. The cryptocurrency is now hovering near a critical support level at $66,800. Should this support fail, analysts predict a deeper correction could push Bitcoin down to $65,500, aligning with the 61.8% retracement level from its recent rally.
Market Sentiment and Future Predictions
The current market sentiment remains a mix of optimism and caution. Options traders are increasingly betting on Bitcoin’s potential to rise above $80,000 following the upcoming U.S. elections. With Donald Trump perceived as more favorable towards cryptocurrencies, analysts estimate a 63.5% chance of his victory, which could further influence market dynamics.
In the case of Ethereum, QCP Capital has noted a high probability of the cryptocurrency breaking through the $2,800 resistance level, with aspirations to reach $3,000 as the election approaches. This potential movement could reinvigorate interest in altcoins, particularly if Bitcoin stabilizes or retraces.
Regulatory Developments and Industry Shifts
Amidst the market fluctuations, regulatory developments are also making headlines. Reports indicate that Indian authorities are contemplating significant restrictions or an outright ban on private cryptocurrencies, citing concerns over financial inclusion and security compared to Central Bank Digital Currencies (CBDCs).
In the mining sector, German-listed Northern Data is considering divesting its Bitcoin mining division, Peak Mining, to pivot towards artificial intelligence. This strategic shift highlights the evolving landscape of the cryptocurrency industry, where companies are increasingly exploring new avenues for growth.

Rose Cole is a talented junior news writer at Crypto Quill, specializing in covering the latest updates on cryptocurrency and Bitcoin. With a passion for staying abreast of developments in the digital finance space, Rose’s articles provide readers with timely and informative news on the ever-evolving world of cryptocurrencies. Despite her junior status, Rose’s dedication to accurate reporting and commitment to delivering relevant content shine through in her work. Count on Rose to bring you the most current and essential news in the realm of cryptocurrency and Bitcoin, offering a fresh perspective to Crypto Quill’s readers.