The crypto market has experienced a shift in sentiment, turning bearish following a short-term bullish period at the start of October. One possible reason for the shift in sentiment is the Israel-Palestine conflict.
According to data from Santiment, the “bullish” trend in the crypto market has dropped by 93% over the past 24 hours.
While the crypto market sentiment has turned bearish, investors have been shifting their focus from altcoins to Bitcoin (BTC). BTC’s market dominance has reached a three-month high of 50.2%, according to CoinMarketCap (CMC) data.
Despite the increase in dominance, Bitcoin’s price has dropped by 0.65% over the past day, trading at $27,665 with a market capitalization of $539.8 billion. The 24-hour trading volume for Bitcoin has increased by 60%, reaching $12.1 billion.
This shift in investor behavior suggests a move away from altcoins and towards Bitcoin as the conflict in the Middle East intensifies.
Earlier, Binance CEO Changpeng Zhao (CZ) expressed his expectation that the price of Bitcoin would reach new all-time highs in 2025, with the highly anticipated halving event scheduled for April 2024.
In addition to the shift in market sentiment, a Bitcoin wallet containing almost 3,000 coins worth $82.37 million became active after nine years of dormancy. The whale sent 500 BTC to one address and 2,495 BTC to another, both newly created addresses.
The global crypto market cap has decreased by 1.46% in the past 24 hours and currently stands at $1.07 trillion, while the marketwide trading volume has increased by 65% to $29 billion.