Bitcoin price rose to just below $103,000, reaching its highest point in recent weeks. However, it stalled at that level and has pulled back slightly, dropping by around $1,000. Altcoins have performed much worse over the past 24 hours, allowing Bitcoin to increase its dominance in the market.
Bitcoin Price and Dominance Soar$BTC
Monday and Tuesday saw significant price rejections for Bitcoin. During this period, Bitcoin fell to $94,400 several times. However, the bulls staged a strong recovery and BTC recovered all its losses, quickly approaching six-figure levels on Thursday. In fact, Bitcoin broke through this level and rose to $102,000 on Friday and Saturday. Initially, it stalled there, but then the bulls pushed the price up a bit, taking it to just below $103,000. It still failed to break through this level and is currently trading below $102,000. Despite this, Bitcoin’s market cap continues to reach new highs and remains above $2 trillion.
Bitcoin’s market dominance has also increased. Data on CoinGecko shows that its dominance rate increased from 52.5% yesterday to 53%. Many altcoins tried to gain value over the weekend, but most stalled and suffered losses on a daily basis. Ethereum and Ripple fell 2% respectively, with Ethereum trading below $3,900 and Ripple at $2.4. ADA, DOGE, BNB, and SOL drew attention with values falling by as much as 5%. Tron, Avalanche, Polkadot, and SUI suffered much larger losses, some falling as much as 8%. As a result, the total value of the entire crypto market decreased by approximately $70 billion in one day, and is currently under $3.8 trillion on CoinGecko.
Bitcoin’s open interest (OI) increased by 8.6% in the last 24 hours to $11.7 billion. This reflects increased market activity and indicates increased investor participation, thus strengthening confidence in Bitcoin’s future performance. Open interest continues to rise on strong trading volume, and OI remains above its 50-day moving average, supporting the strength of the current rally. The increase in open interest seen in the charts once again confirms the influence of speculation on Bitcoin’s price action. Experts also note that the increase in open interest is an indicator of the increasing participation of institutional investors and large traders, as the derivatives market gains more importance.
The path Bitcoin will follow will be closely monitored in the coming period. Especially as we approach 2025, many estimates suggest that Bitcoin could surpass its current record level. During this process, Bitcoin's performance and impact on the market will be a matter of great curiosity.