Bitcoin Is Rising Again
After a recent decline, Bitcoin (BTC) shows signs of recovery, reaching $97,585. However, BTC's market share has dropped to 56.75%. Notably, Bitcoin briefly surpassed the $98,000 mark in the early hours.
Current Trends in the Bitcoin Market
Bitcoin's 24-hour trading volume has increased by 16.12%, reaching $37.92 billion. Its market capitalization rose by 1.39% to $1.93 trillion. If this growth continues, Bitcoin could surpass Alphabet (Google), which has a market cap of $2.08 trillion, becoming an even more prominent global asset.
Technical indicators show mixed but positive signals:
Relative Strength Index (RSI 14): At 67, indicating a neutral trend.
Simple Moving Average (SMA 10): At $96,126, signaling a "Buy" action.
These indicators suggest Bitcoin still has room for growth without entering overbought territory, leaving the possibility for either further upward movement or a consolidation period.
Additionally, traditional investors are returning to Bitcoin ETFs. As of November 29, U.S. spot Bitcoin ETFs recorded outflows of $320.01 million, balanced by inflows of $137.49 million into BlackRock’s IBIT ETF.
Bitcoin's Market Share Declines
According to TradingView data, Bitcoin's market dominance (BTC.D) has fallen to 56.75%, an 8.15% drop from its recent high of 61.78% on November 21.
Meanwhile, the altcoin market is experiencing significant growth. Since its low of $856.1 billion on November 5, the total market value of altcoins (TOTAL2) has increased by approximately 70%, now standing at $1.46 trillion. This growth indicates that investors are diversifying their portfolios toward altcoins, which are gaining momentum. The spillover effect from Bitcoin’s surge has contributed to the strengthening of altcoins in the market.
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