Bitcoin Dominance Skyrockets to 3.5-Year High as BTC Maintains $72K (Market Watch)

Despite failing to break its March 2024 all-time high of $73,740, bitcoin still stands tall, close to that level, and its dominance over the altcoins has soared to a new multi-year peak.

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

BTC Dominance on the Rise

The primary cryptocurrency’s most recent rally started on Friday evening when it dumped to $65,500 after some Tether FUD. The bulls quickly resumed control of the market, though, and BTC found itself trading at $67,000 during the entire weekend.

The actual gains started as the business week began, and bitcoin climbed to $69,000 on Monday. It even broke above $70,000 and $71,000 on Tuesday. The bulls’ efforts continued the following day, and BTC spiked to $73,600 on Wednesday morning, which became its highest price tag since the all-time high charted in March.

After coming $150 away from breaking into uncharted territory, the cryptocurrency fell back slightly. Nevertheless, it still trades above $72,000 with the community anticipating a run toward a new peak in the upcoming days.

Its market capitalization has risen to $1.430 trillion on CG, where its dominance stands at a multi-year peak of 56.5%. The latter metric is at over 60% on TradingView and 59% on CoinMarketCap – all of which are the highest it has been since early 2021.

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

Sluggish Alts

The growing BTC dominance means that most alts have failed to produce any substantial gains in the past 24 hours. In fact, most of the larger caps are in the red today, with ETH down by 1%, BNB retracing by 3%, while SOL has slipped by 2%.

Ripple, Dogecoin, Cardano, and Toncoin are also slightly in the red. Even more substantial losses come from the likes of TIA, ENA, STX, and RUNE, with drops of up to 8%.

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

Cryptocurrency Market Overview. Source: Coin360
Cryptocurrency Market Overview. Source: CoinMarketCap

The post Bitcoin Dominance Skyrockets to 3.5-Year High as BTC Maintains $72K (Market Watch) appeared first on CryptoPotato.

HOT news

Related posts

Latest posts

AI, ECDSA, and Bitcoin’s Endgame? Ledger CTO Pushes Again In opposition to Cryptographic Apocalypse Predictions

Ledger CTO Charles Guillemet has rebuffed fears that AI might break Bitcoin’s cryptography within the coming months. He mentioned there is no such thing...

UK Sanctions 3 Crypto Corporations Over Russia Ties

The UK sanctioned crypto fee processors Cryptomus and Heleket and Kyrgyzstani change TokenSpot on October 8, after blockchain analytics agency Chainalysis linked the companies...

Google teases its new ‘Fitbit Edge’ wearable forward of an October 12 reveal

Google has seemingly confirmed the rumored "Fitbit Edge" with social media posts teasing a brand new wearable coming October 12.

Bitcoin Value Briefly Reclaims $81,000 as Liquidations High $1 Billion

Bitcoin worth fell for a fourth consecutive day, briefly slipping under $81,000 earlier than rebounding, as the entire crypto market cap dropped under $2.8...

Binance to Prohibit 8 Companies and Delist 22 Tokens in Brazil

Binance will limit eight services and delist 22 tokens for customers in Brazil from October 27 because it restructures its native operations to adjust...

Want to stay up to date with the latest news?

We would love to hear from you! Please fill in your details and we will stay in touch. It's that simple!