Bitcoin News (December 5, 2024) – Bitcoin Hits $104,000: Dominance Surges Back Above 57%

Bitcoin News (December 5, 2024) – Bitcoin’s Market Dominance Rebounds After Record $104K High

Bitcoin News (December 5, 2024) – Bitcoin’s dominance in the crypto market has surged following its historic $104,000 all-time high on December 5. As most altcoins struggled to match Bitcoin’s gains, its market share increased by 4.4%, reaching over 57%, according to TradingView data. This marks a significant recovery after a drop in dominance, which had fallen to 54.7% on December 4, a notable decline from the peak of 61.8% on November 21.

Bitcoin Surges to $104,000, Taking Market Share from Altcoins

Bitcoin’s rebound in dominance comes as the cryptocurrency hit a new all-time high of $104,000 on December 5. While altcoins like BNB, TRX, and XRP had experienced impressive gains, Bitcoin’s resurgence highlighted its continued leadership in the market. BNB reached an all-time high of $733.87, TRX hit $0.3336, and XRP soared to $2.38 — its highest point in seven years. However, Bitcoin’s strong rally left these altcoins behind, sending BTC dominance back above 57%.

Analysts React to Bitcoin’s “Jealousy” of Altcoin Gains

Analysts have speculated that Bitcoin’s rise to the six-figure mark was a response to the increased attention that altcoins were receiving. Income Sharks, a prominent crypto analyst, jokingly suggested on Twitter that “almost like BTC was jealous that altcoins were getting all the attention and wanted to remind everyone it’s still king.” This sentiment reflects the broader market’s recognition of Bitcoin as the dominant force in crypto.

Bitcoin’s Fear and Greed Index Hits Extreme Levels

Bitcoin’s resurgence also comes at a time of heightened market sentiment. The Bitcoin Fear & Greed Index is currently at a level of 84, which reflects “extreme greed.” This marks a significant rise from the previous high of 94 on November 22, when Bitcoin reached $99,000. The surge in Bitcoin’s price has also been reflected in social sentiment, with Google Trends showing a substantial increase in Bitcoin-related searches on December 5.

Record Liquidations and Historical Growth of Bitcoin

CoinGlass data reported $132 million in liquidations of short positions over the last four hours, signaling a strong demand for Bitcoin and a shift in investor sentiment. Meanwhile, Coinbase CEO Brian Armstrong celebrated Bitcoin’s latest milestone, noting that if someone had invested $100 in Bitcoin when Coinbase was founded in 2012, it would now be worth approximately $1.5 million. Armstrong further emphasized Bitcoin’s status as “the best-performing asset of the last 12 years,” suggesting that despite its meteoric rise, “it’s still early days.”

Conclusion: Bitcoin’s Continued Dominance and Growth Potential

Bitcoin’s dominance and price surge have demonstrated the cryptocurrency’s ability to maintain its leadership in the market. As Bitcoin continues to attract attention and investments, it solidifies its position as the most significant asset in the crypto space. The market’s growing confidence in Bitcoin and its increasing dominance suggest that the journey toward further growth and adoption is just beginning.

Disclaimer: This website’s content is for informational purposes only and does not constitute financial advice, with all cryptocurrency purchases carrying inherent risks.