On December 5, 2024, bitcoin reached a historic milestone by reaching an all-time high price of $104,000. This dramatic rise has also led to an increase in bitcoin's dominance in the crypto market, which has rebounded to 57%, emerging from a recent plunge!
Bitcoin dominance rebounds to 57%!
Bitcoin's dominance in the crypto market had declined in recent weeks, reaching 54%, while Ethereum saw its share increase by 13.5%. However, the recent surge in BTC price propelled its dominance by 4.4% in 24 hours, to 57%.
According to the data, market share bitcoin had reached a high of 61.8% on November 21 before falling. This drop was attributed to BTC consolidating around $95,000, while altcoins like BNB, Tron (TRX) and XRP, continued to climb. But everything changed when bitcoin exploded above the $100,000 mark during the first transactions on December 5.
Crypto market reaction
Market analysts, like Income Sharks, have commented that bitcoin seemed “jealous” of the attention given to altcoins and wanted to remind everyone that it is still the king. This BTC surge has also led to massive liquidations of short positions, totaling $132 million in the last four hours.
Separately, the Bitcoin Fear and Greed Index is currently at an “extreme greed” level of 84. This level has reached a peak of 94, its highest since December 2020, when BTC reached a high of $99,000 on November 22. Additionally, Google searches for “Bitcoin” also saw a sharp increase, indicating growing public interest in this crypto.
In short, the recent rise in bitcoin dominance to 57% demonstrates not only its resilience, but also its ability to control the crypto market. While altcoins continue to play an important role, BTC remains the benchmark for value and stability in the cryptocurrency world.
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