Bitcoin Reclaims $1 Trillion Market Cap: BTC Dominance at Two-Month High (Market Watch)
Bitcoin’s recent bullish run continues as the cryptocurrency went to a new multi-month high of nearly $56,000. BTC’s dominance over the altcoins has also reached a record, even though most of them are in the green against the dollar.
BTC Dominance at Two-Month High
October continues to be a highly favorable month for bitcoin, at least for now. The primary cryptocurrency sat at just over $43,000 at the start of it, but in the first few days alone jumped to around $48,000, where it stood for a while.
After a brief $1,000 retracement, it went on a roll again and touched $50,000 for the first time since early September. This time, though, it broke above the level and neared $52,000, as reported yesterday.
The bulls were not done yet, as they kept pushing the asset north. This resulted in another impressive surge that took BTC to a daily high of just under $56,000. This became bitcoin’s highest price tag since mid-May.
Despite retracing with a few thousand dollars since then, the cryptocurrency’s market capitalization is still well above $1 trillion. Moreover, it has increased its dominance over the altcoins to nearly 45%, which is a two-month high.
Alts in Green But Not Against BTC
The alternative coins have also jumped higher against the dollar in the past several days. Ethereum, for example, had dipped well below $3,000 during the late-September crash.
However, the second-largest crypto has reclaimed more than $700 since then and currently stands above $3,600, which is a multi-week high.
On a 24-hour scale, the entire market is in green. This includes impressive gains from Cardano, Binance Coin, Ripple, Solana, Polkadot, Terra, Avalanche, Uniswap, and Litecoin.
However, when compared to BTC, the situation is quite different as many of them have lost value for the third consecutive day, resulting in the aforementioned change in the dominance.
One of the few exceptions is Shiba Inu. As reported earlier, SHIB has skyrocketed by triple-digit percentages in the past week and has not become the 12th-largest cryptocurrency by market cap.
The cryptocurrency market cap is up by $150 billion since yesterday’s low and sits now above $2.3 trillion – a multi-month record of its own as well.Source