As Cryptocurrency Market Rises, Bitcoin Dominance Reaches New Heights
Recently, Bitcoin has experienced significant appreciation, surpassing the $90,000 level and drawing attention in the markets. The cryptocurrency particularly gained a strong upward trend following Donald Trump's reelection in the United States. On election day, Bitcoin was around $68,000, and within a week, it overcame the $90,000 barrier, reaching an all-time high. This increase has led to intensified interest and speculation around Bitcoin.
Bitcoin has surpassed the $90,000 threshold, managing to rise to $93,850 and breaking previous price resistances, but faced selling pressure at this level which pulled it back down to $88,000. However, the cryptocurrency showed a rapid recovery by holding above this new peak and climbing back over the $90,000 mark. Significant inflows into Bitcoin ETFs in the U.S. are helping BTC maintain these levels. Analysts caution that while evaluating the current market situation, potential reversal risks in Bitcoin's price should not be overlooked.
Market capitalization and dominance are also at record levels. With its recent surge, Bitcoin's market capitalization reached $1.8 trillion, positioning it above giants like Saudi Aramco, one of the world's largest assets. BTC's market dominance has also increased to 61%, reaching the highest level in the past 3.5 years. This rise in dominance further solidifies Bitcoin's central role in the cryptocurrency market. During this period of significant gains for altcoins, cryptocurrencies such as Ethereum (ETH), Solana (SOL), and Cardano (ADA) have also seen value increases.
In the altcoin market, parallel movements have been observed alongside Bitcoin's rise. Many altcoins, including SOL, ADA, XRP, DOGE, BNB, SHIB, AVAX, BCH, and LEO, have experienced increases of up to 10%, while some meme coins like WIF and PEPE have recorded remarkable gains between 45% and 75%. These coins have attracted intense interest from investors following Coinbase's support and news of their listing on U.S. exchanges.
The total value of the cryptocurrency market is currently approaching $3.15 trillion. According to data from the International Monetary Fund, this amount places the crypto market as the world's eighth-largest economy. Bitcoin, with a market capitalization of $1.805 trillion, ranks just behind Alphabet, Google's parent company. Under current market conditions, Bitcoin would need to nearly double its market value to surpass all major tech giants. Even in this scenario, gold's market value remains about five times that of Bitcoin.
Ethereum's rise. Ethereum also seems to have joined the upward trend alongside Bitcoin. With a price reaching $3,200 on November 10, it surpassed Bank of America in market capitalization, gaining a significant position, and has also ranked among the top 30 assets globally, surpassing giants like Netflix and Johnson & Johnson.
Ethereum's strategic role in decentralized finance and non-fungible token spaces continues to be the most important factor behind its increase. Crypto analysts predict that as expansion in these sectors continues, Ethereum will gain even more value.
In conclusion, leading cryptocurrencies like Bitcoin and Ethereum continue to be strong assets in financial markets. Developments in the cryptocurrency market are expected to contribute to digital assets becoming more widely accepted and recognized as viable investment options.