Calls for altseason are a little quieter as Bitcoin dominance recovered, surging past $100,000 for the first time in history.
Bitcoin dominance — a measure of how much of the crypto market’s total value belongs to BTC — has rebounded as the asset hit a six-figure all-time high on Dec. 5, while most altcoins failed to shadow its gains.
Bitcoin BTC $ 102,775 dominance recovered 4.4% over the past day, topping 57% as the asset surged to a record high of $104,000 on Dec. 5, according to TradingView.
Bitcoin’s market share had slid 11.5% from a three-and-a-half-year high of 61.8% on Nov. 21 to bottom out at 54.7% on Dec. 4 before its rebound.
“Almost like BTC was jealous that altcoins were getting all the attention and wanted to remind everyone it’s still king,” said analyst Income Sharks in a Dec. 5 post on X.
Altcoins had been on fire for the past week, with all-time highs for BNB BNB $ 732.07 and Tron TRX $ 0.3409, and XRP XRP $ 2.37 hitting a seven-year high, while Bitcoin remained in consolidation around the $95,000 level, causing the plunge in BTC dominance.
That all changed when BTC exploded into six-figure territory during early trading on Dec. 5.
The Bitcoin Fear & Greed Index, which analyzes market sentiment, is currently at an “extreme greed” level of 84. It spiked to 94 — its highest level since December 2020 — on Nov. 22, when Bitcoin hit an all-time high of $99,000.
Social sentiment has also surged, with Google Trends reporting Dec. 5 saw the biggest spike in searches for Bitcoin in the last week.
There were $132 million in short position liquidations over the past four hours, according to CoinGlass.
Industry executives and analysts have been celebrating Bitcoin’s “$100K Day” with Coinbase CEO Brian Armstrong saying, “If you bought $100 of Bitcoin when Coinbase was founded in June 2012, it would now be worth about $1,500,000.”
“If you kept the $100 USD you’d only be able to purchase about $73 worth of goods today,” he said before adding:
“Bitcoin is the best-performing asset of the last 12 years, and it’s still early days.”
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