Bitcoin Dominance Exceeds 65% Amid New $23,600 All-Time High

This post was originally published on this site

Altcoins Have Dropped Their Market Cap Presence In Favor Of The World’s Largest Cryptocurrency

Bitcoin, the biggest cryptocurrency to date, made a mindblowing daily rally on 17th December, after climbing past its 2017 all-time high only to record $23 586,91 as a new all-time high.

The all-time high frenzy also sparked a massive wave of investor interest, which caused the services of two of the biggest exchanges Binance and Coinbase to be temporarily down.

The price surge came after a period of consolidation just below $20,000. Quickly after the break above $20,000, Bitcoin made two more significant price jumps, conquering the $21,000 and $22,000 marks.

The price movements coincided with the continuous rising of the number of wallets holding at least 1,000 bitcoins. Data from research company Glassnode shows that the total amount of wallets, containing at least 1,000 BTC hit its all-time high of 2,249. The record beats the previous high, which occurred three days before.

Bitcoin’s price rally affected the altcoin sector, with the total market capitalization of all cryptos slipped a few percent to grant Bitcoin 65% market dominance. However, Ripple (XRP) managed to cut some of the dominance by gaining almost six percent against Bitcoin. The rest of the top ten cryptos lost anywhere between three and nine percent against the world’s largest cryptocurrency by market capitalization.

Bitcoin’s price expansion made on-chain analysts like Willy Woo to put $100,000 as a “ridiculously low target.” The break above $21,000 was critical for Bitcoin, exchange heatmaps reveal a large number of stacked sell orders at around $21,000 to $21,500, which meant BTC had to overcome this hurdle to see a broader uptrend.

Data also shows no visible resistance levels above $22,000, which means Bitcoin has entered in a price discovery mode and further price increases are imminent.

The optimistic market sentiment made Woo to consider $100,000 as a low target.

Source: Woobull.com

“We are not at the all-time-high juncture where the BTC Top Cap Model starts curving upwards. Let’s see how high she runs in 2021. $100k is a ridiculously low target at the current trajectory. $55k is the next landmark -> Bitcoin becomes a $1T macro asset bucket.”

The milestone price that Woo speaks of, is, in fact, critical for Bitcoin, as the market cap would be equal to a tenth of the total market capitalization of Gold. If Bitcoin continues to rise in price and market cap, the crypto would start to eat up the $9 trillion market cap of gold.

Check out our new platform 👉 https://thecapital.io/

https://twitter.com/thecapital_io

https://medium.com/media/3b6b127891c5c8711ad105e61d6cc81f/href


Bitcoin Dominance Exceeds 65% Amid New $23,600 All-Time High was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.

Leave your vote

Comments

0 comments

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Related

Chainlink is down 30% from its all-time high, but on-chain and derivatives indicators show there is…

  • News
  • 29
Read more

The bank has been exploring the introduction of a CBDC since 2017.

  • News
  • 15
Read more

Ernst and Young (EY), the bankruptcy trustee for the defunct exchange QuadrigaCX, is trying to resolve a dispute over…

  • News
  • 45
Read more

Send resources we should know about!

Newsletter

Never miss a thing! Sign up for our newsletter to stay updated.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.