Bitcoin Dominance Reaches 3.5-Year Peak as BTC Holds Steady at $72K

Bitcoin has seen a remarkable surge, maintaining a price close to its all-time high of $73,740 from March 2024, while its dominance over the altcoin market has skyrocketed to a multi-year high. In contrast, many altcoins have faced challenges, experiencing minor declines over the past 24 hours.

Rising BTC Dominance

The recent bullish trend for Bitcoin commenced last Friday when it dipped to $65,500 due to some Tether-related concerns. However, the bulls quickly regained control, and Bitcoin stabilized at around $67,000 throughout the weekend.

As the new week began, Bitcoin's price climbed to $69,000 on Monday, surpassing $70,000 and $71,000 by Tuesday. The upward momentum continued into Wednesday, where Bitcoin reached $73,600, marking its highest price since March's all-time high.

Despite coming within $150 of reaching a new record, Bitcoin has slightly retreated but remains above $72,000. The community is optimistic about a potential surge toward new highs in the coming days.

Currently, Bitcoin's market capitalization is approximately $1.430 trillion, with its dominance at a peak of 56.5%. This figure exceeds 60% on TradingView and 59% on CoinMarketCap, marking the highest dominance levels since early 2021.

Struggling Altcoins

The increase in Bitcoin's dominance has resulted in most altcoins failing to achieve significant gains over the last 24 hours. Major cryptocurrencies are predominantly in the red, with Ethereum (ETH) down by 1%, Binance Coin (BNB) decreasing by 3%, and Solana (SOL) dropping by 2%.

Other cryptocurrencies such as Ripple, Dogecoin, Cardano, and Toncoin have also shown slight declines. More pronounced losses have been observed in smaller altcoins like TIA, ENA, STX, and RUNE, which have experienced drops of up to 8%.

Overall, the total cryptocurrency market capitalization has decreased by approximately $20 billion since yesterday, now standing at $2.530 trillion.