Bitcoin Dominance Soars to 3.5-Year High as BTC Holds $72,000 (Market Watch)

Despite falling short of its March 2024 all-time high of $73,740, bitcoin still remains high, close to that level, and its dominance over altcoins has soared to a new peak of several years

This comes as most altcoins have struggled in the past 24 hours, posting minor losses.

BTC domain on the rise

The major cryptocurrency’s most recent rally began on Friday evening when it dropped to $65,500 after some Tether FUD. However, the bulls quickly regained control of the market and BTC found itself trading at $67,000 throughout the weekend.

The real gains started as the trading week began and bitcoin rose to $69,000 on Monday. It even broke above $70,000 and $71,000 on Tuesday. The bulls’ efforts continued the next day and BTC rose to $73,600 on Wednesday morning, which became its highest price since the all-time high recorded in March.

After reaching $150 entering uncharted territory, the cryptocurrency fell slightly. However, it is still trading above $72,000 and the community is anticipating a run to a new peak in the coming days.

Its market capitalization has risen to $1.43 trillion in CG, where its dominance is at a multi-year high of 56.5%. The latter metric is over 60% on TradingView and 59% on CoinMarketCap, both of which are the highest since early 2021.

Bitcoin/Price/Chart 31.10.2024. Source: TradingView Sluggish Alts

BTC’s growing dominance means that most alternatives have not made substantial gains in the past 24 hours. In fact, most of the biggest highs are in the red today, with ETH down 1%, BNB retreating 3%, while SOL is down 2%.

Ripple, Dogecoin, Cardano and Toncoin are also slightly in the red. Even bigger losses came from the likes of TIA, ENA, STX and RUNE, with falls of up to 8%.

The total crypto market cap has lost about $20 billion since yesterday and is down to $2.530 trillion in CG.

Cryptocurrency Market Overview. Source: CoinMarketCap SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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