Bitcoin Dominance Nears 62% as Altcoins Struggle, Highest Since 2021
Bitcoin now commands almost 62% of the total cryptography market, its highest level since February 2021. While Altcoins struggles, traders are looking closely at the BTC price movement, in particular the CME difference of $ 102,000 – A crucial level for potential inversions.
As of February 3, Bitcoin’s (BTC)) The domination of the market is climbed to almost 62%, marking its highest level since February 2021. The measures of the domination of the BTC market The share of the total market capitalization of the cryptocurrency is taken into account by Bitcoin. A domination of 62% indicates that the BTC constitutes the majority of the market, leaving altcoins with the remains.
In February 2021, Tesla announced an investment of $ 1.5 billion in the BTC and a commitment to accept it for payments, which increases the price greater than $ 44,000 Reuters.
This momentum continued throughout the year, driven by growing adoption between companies and organizations, which ultimately pushed the BTC price exceeding $ 68,000 in November 2021.
The recent decline is mainly explained by the fear of global economic slowdown and anxiety from pricing policies Against Mexico, Canada and China. This market slowdown has affected the largest Altcoin market.
BTC ‘Kimchi Premium“The price difference between the BTC in South Korea compared to the world markets, is now 12% – the highest in three years. This highlights the high demand for Bitcoin in South Korea despite the market turbulence.
CME Gap and Bitcoin dominance
For merchants, the CME GAP at $ 102,436 is a key level to monitor, explains Cryptorover, a key opinion leader in cryptographic space. The CME gaps occur when the price of BTC makes a significant decision while the CME -term market is down. Historically, the BTC tends to fill these shortcomings during the weekend, becoming an essential area of interest for traders in search of price reversals or corrections.
While the domination of the BTC is strengthened, many predict an upcoming Altcoin season in February 2025, similar to previous market cycles.
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