Bitcoin is making headlines with its market share reaching 54%, raising questions about the reasons behind the surge and its impact on the crypto market.
How has the Bitcoin Price Moved Recently?
As of today, Bitcoin is priced at $63,254, with a 24-hour trading volume of $92.14 billion, a market capitalization of $1.25 trillion, and a market dominance of 56.79%. Over the past 24 hours, BTC's price has risen by 1.96%. Bitcoin hit its peak on March 14, 2024, reaching an all-time high of $73,628. Its lowest value was on July 17, 2010, at $0.05. Since the all-time high, its lowest was $49,436, while its highest recovery reached $66,381. Currently, the sentiment for Bitcoin's prediction is bullish, with the Fear & Greed Index at a neutral level of 50.
Why Bitcoin Price is UP?
The surge in Bitcoinβs price in 2024 can be attributed to its rising market dominance and significant investor interest. Challenges faced by altcoins allowed Bitcoin to capture a larger market share of 54% in Q3. Investors view Bitcoin as a safer, more stable option, fueling the price increase. Institutional investment, like Japan's Metaplanet, which purchased an additional 108.8 BTC, plays a significant role, reflecting strong trust in Bitcoin.
Bitcoin Price Prediction: Expectations?
Bitcoin's 126% increase over the last year underscores its strong market standing. Trading above the 200-day SMA suggests continued bullish momentum. With a low inflation rate of 1.32% and stable market share, Bitcoin remains appealing. Depending on external conditions, Bitcoin might break past previous highs, reaching up to $100,000 or more under favorable circumstances.
Rising market dominance and institutional investments support Bitcoin's growth. Despite optimism, market volatility should not be ignored.