As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed countless bull and bear runs. However, the current surge in Bitcoin (BTC) is truly remarkable. The digital gold has been on an impressive streak, reaching new multi-week highs and challenging the $103,000 mark.
The price of Bitcoin briefly reached an elevated level over the past few weeks, nearing $103,000, but subsequently retreated about $1,000.
The altcoins have performed a lot worse on a 24-hour scale, resulting in a growing BTC dominance.
BTC Dominance Increases
On Monday and Tuesday, Bitcoin experienced several forceful price drops, reaching approximately $94,400 on multiple occasions during these days. However, the bulls regained control and orchestrated a series of rallies that enabled Bitcoin to recover all its losses and soon began testing the six-digit price threshold by Thursday.
In truth, Bitcoin surpassed that threshold over the weekend, reaching approximately $102,000 on both Friday and Saturday. Initially, it was halted at this point, but later, the bullish momentum propelled it slightly higher to around $103,000 a short while ago.
As a researcher, I must report that it failed to breach the $102,000 mark and currently resides below it. However, it’s intriguing to note that its market capitalization is consistently reaching new highs in this local area, with a current value well over $2 trillion.
The influence of Bitcoin compared to other cryptocurrencies is growing even more. Yesterday, its market share stood at around 52.5%, but today it’s climbed above 53% on CoinMarketCap.
Alts in Retrace
Over the weekend, many altcoins attempted to surge ahead, but most of them were halted in their progress and have experienced significant daily declines. Ethereum and Ripple dropped approximately 2%. Currently, Ethereum is having trouble staying above $3,900, while Ripple hovers around $2.40.
Over the past period, coins such as ADA, DOGE, BNB, and SOL have experienced a decrease of approximately 5% for ADA. Meanwhile, Tron, Avalanche, Polkadot, and SUI have witnessed steeper declines, with some dropping as much as 8%.
Currently, the total value of all cryptocurrencies has dropped approximately $70 billion within a single day, and it stands significantly lower than $3.8 trillion as per CoinGecko’s current records.
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2024-12-15 10:52