Bitcoin’s recent uptrend continues as the cryptocurrency hit a new multi-month high of nearly $ 56,000. BTC’s dominance over the altcoins has also hit record levels, although most of them are in the green against the dollar.
BTC dominance at two-month high
October is still a very cheap month for Bitcoin, at least for now. The primary cryptocurrency started out at just over $ 43,000, but jumped to around $ 48,000 in the first few days alone, where it stood for a while.
After a brief $ 1,000 retracement, things started rolling again, hitting $ 50,000 for the first time since early September. However, this time it broke the level and approached $ 52,000 as reported yesterday.
The cops weren’t done yet as they pushed the asset further north. This led to another impressive spike that took BTC to a daily high of just under $ 56,000. This became Bitcoin’s highest price since mid-May.
Despite being tracked at a few thousand dollars since then, the cryptocurrency’s market cap is still well over $ 1 trillion. In addition, it has increased its dominance over the altcoins to almost 45%, which is a two-month high.
BTCUSD. Source: TradingView
Alts in green, but not against BTC
Alternative coins have also risen against the dollar in the past few days. Ethereum, for example, fell well below $ 3,000 during the crash in late September.
However, the second largest cryptocurrency has reclaimed more than $ 700 since then and is currently above $ 3,600, which is a multi-week high.
On a 24 hour scale, the entire market is green. These include impressive winnings from Cardano, Binance Coin, Ripple, Solana, Polkadot, Terra, Avalanche, Uniswap, and Litecoin.
However, when compared to BTC, the situation is very different as many of them have lost value for the third day in a row, which led to the change in dominance mentioned above.
One of the few exceptions is Shiba Inu. As previously reported, SHIB has skyrocketed by three-digit percentages over the past week and has not become the twelfth largest cryptocurrency by market capitalization.
The market capitalization of the cryptocurrency has risen by $ 150 billion since yesterday’s low and is now over $ 2.3 trillion – also a multi-month record of its own.
Overview of the cryptocurrency market. Source: coin360.com
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TradingView’s cryptocurrency charts.
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