Bitcoin’s dominance in the crypto market reaches its highest level in 3 months
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Answer Bitcoin’s dominance in the crypto market reaches its highest level in 3 months
The price of Bitcoin moved to record levels not recorded since April 2021, and this comes against the backdrop of the latest developments in the United States of America related to the approval of the Bitcoin futures ETF fund, which is around the corner from being traded on the stock exchange.
Most altcoins failed to follow their leader, and bitcoin dominance reached its highest level in almost three months.
Bitcoin is approaching an all-time high:
On October 13 – just four days ago – bitcoin fell below $55,000 after being rejected at $58,000.
The situation quickly changed in the following days, and bitcoin headed north towards multi-month highs.Read:Reddit joins the NFT race and begins testing the technology in profile pictures
Initially, Bitcoin approached $58,000 again, and after several more attempts, the coin managed to decisively overcome this level.
This came amid reports that a Bitcoin futures ETF could launch in the US as early as next week.
While the SEC has yet to publish an official confirmation of this, the rumors intensified on Friday, which led to another surge in the price of Bitcoin.
This time, the bitcoin price crossed $60,000 and continued to climb.
Bitcoin price peaked hours ago when the asset moved away slightly from $63,000, or nearly 3%, from its April high of $65,000.
Bitcoin later declined and is currently trading at $60,815, but it is still well above $60,000, with a market capitalization of $1.140 trillion.
Its dominance of altcoins benefited from a three-month high of 47%, as most altcoins lagged behind their leader.
Solana is the top ten cryptocurrency, and the only one that has seen a significant price drop since yesterday, with a 3% drop below $160, to bounce back and is currently trading above the same level at $163.
Gains from The Graph (17%), Amp (15%) and NuCypher (10%) helped push the crypto market cap to $2.5 trillion for a brief period.Read:Cardano launches the flagship version of the “Daedalus” wallet
Thus, the total market value is a few million dollars away from the last number recorded in the month of April 2021.
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