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Bitcoin dominance surges to 57% as BTC hits $104K

Bitcoin dominance surges to 57% as BTC hits $104K

GrafaGrafa2024/12/05 13:10
By:Liezl Gambe

Bitcoin's (CRYPTO:BTC) dominance in the crypto market has rebounded sharply, reaching 57% on December 5, as the price of the leading cryptocurrency surged to a historic high of $104,000.

This marks a 4.4% increase in dominance within 24 hours, following a decline to 54.7% on December 4, from a high of 61.8% on November 21.

Analysts attribute the bounce-back to Bitcoin's surge into six-figure territory, overshadowing gains in altcoins, which had recently seen impressive performances.

During the past week, altcoins like BNB (CRYPTO:BNB), Tron (CRYPTO:TRX), and XRP (XRP) hit significant milestones, which had led to a decrease in Bitcoin's dominance.

However, Bitcoin's move into the $100,000 range has reignited its dominance, with social sentiment and market interest spiking.

The Bitcoin Fear & Greed Index currently shows "extreme greed" at a level of 84, following a peak of 94 in late November when Bitcoin reached $99,000.

Google Trends data also shows a significant surge in searches for Bitcoin, indicating growing public interest.

Bitcoin’s recent rally has led to $132 million in short position liquidations, and Coinbase CEO Brian Armstrong highlighted the asset's exceptional performance, noting that a $100 investment in Bitcoin in 2012 would be worth about $1.5 million today.

Armstrong emphasised Bitcoin’s position as the best-performing asset of the last 12 years, underscoring that its growth story is far from over.

At the time of reporting, the Bitcoin price was $102,493.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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