As a seasoned researcher who has witnessed the crypto market’s rollercoaster ride over the past decade, I must say that Bitcoin’s latest surge to a six-figure high is nothing short of astonishing. Having observed the ebb and flow of this digital gold rush since its inception, it’s evident that Bitcoin remains the undisputed king of cryptocurrencies.
The degree to which Bitcoin represents a significant portion of the overall worth in the cryptocurrency market, known as Bitcoin dominance, has risen since the asset reached an unprecedented peak of $100,000 on December 5th. Conversely, most other digital currencies (altcoins) have not managed to mirror Bitcoin’s impressive gains.
The dominance of Bitcoin (BTC) increased by approximately 4.4% within the last day, reaching over 57%, following a surge that propelled its value to an unprecedented peak of $104,000 on Dec. 5, as observed by TradingView.
Over the course of eleven days, starting from November 21 and ending on December 4, Bitcoin’s market share dropped by approximately 11.5%. However, it later bounced back again.
Analyst Income Sharks remarked, on Dec. 5, something akin to: “Bitcoin seemed a bit envious that altcoins were grabbing all the limelight and wanted to reaffirm its dominance.
For the last week, altcoins have been experiencing a surge, reaching new record highs for Binance Coin (BNB), Tron (TRX), and Ripple (XRP). These peaks represent a seven-year high, while Bitcoin has remained stable around $95,000, leading to a decrease in Bitcoin’s overall market dominance.
But everything shifted dramatically when Bitcoin surged into six-figure values during the early hours of trading on December 5th.
The Bitcoin Fear and Gauge Index, which assesses investor emotions in the market, is currently showing “extreme optimism” at a level of 84. Interestingly, it peaked at 94 – its highest point since December 2020 on November 22, coinciding with Bitcoin reaching an unprecedented high of $99,000.
The interest in Bitcoin has significantly increased as well, with December 5th witnessing the highest number of searches related to it within the past week, according to Google Trends.
Over the last four hours, CoinGlass reports a total of $132 million worth of short positions being closed out.
Experts and observers in the industry have been rejoicing over Bitcoin‘s “Day of $100K,” with Coinbase CEO Brian Armstrong pointing out that an initial investment of $100 in Bitcoin back when Coinbase started in June 2012 would be equivalent to approximately $1.5 million today.
He mentioned that if you were to keep the $100 USD, it would approximately buy around $73 worth of items currently.
“Bitcoin is the best-performing asset of the last 12 years, and it’s still early days.”
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2024-12-05 08:51