Originally published on: December 05, 2024
Bitcoin’s dominance in the crypto market has surged to over 57% as the leading asset reached a milestone all-time high of $104,000 on December 5, leaving most altcoins in its shadow.
After a brief decline, BitcoinBTC dominance bounced back by 4.4% in just one day, reclaiming its position above 57% as it skyrocketed to a record-breaking price. This comeback comes after Bitcoin’s market share had fallen to 54.7% on December 4 from a recent high of 61.8% on November 21.
Analysts liken this surge in Bitcoin dominance to the asset reminding everyone of its supremacy, especially as altcoins had been stealing the spotlight recently. Altcoins like BNBBNB, TronTRX, and XRPXRP were hitting new highs, while Bitcoin seemed to remain stagnant around $95,000, causing its dominance to slip.
However, all eyes turned back to Bitcoin on December 5 when it smashed through the $100K barrier, fueling market sentiment to reach levels of extreme greed according to the Bitcoin Fear & Greed Index.
The celebration of Bitcoin’s milestone was marked by $132 million in short position liquidations, indicating a flurry of activity in the market. And as searches for ‘Bitcoin’ surged on Google, the excitement around the leading cryptocurrency continued to grow.
Industry experts have hailed this momentous occasion, with Coinbase CEO Brian Armstrong reflecting on the massive growth of Bitcoin since the exchange’s founding in 2012. The comparison of buying $100 of Bitcoin then versus now highlights the incredible journey of the cryptocurrency.
With Bitcoin reclaiming its dominance and reaching unprecedented highs, the crypto market is in for an exciting ride as investors and analysts look towards the future of other assets like Ethereum and Solana to see if they can catch up to the reigning king. Stay informed with more insightful articles like this by subscribing to the Markets Outlook newsletter for exclusive market insights every Monday.
