Bitcoin has renewed extremely bullish sentiments among traders and investors, going above $67,000 and keeping the crypto rally up and running.
The crypto rally starting early this week has put aside bearish pressures and continued to surge ahead. In the process, Bitcoin’s dominance has been at its best in the last three years. According to data, Bitcoin’s dominance is hovering around 57% in the market. However, it touched 60% on October 15 when it went as high as $67,800.
Between October 14 and October 15, Bitcoin’s returns went over 8%, recording around 11% gains in the last thirty days. Daily trading volumes have also increased, leading to a rise in volatility in the crypto market. The ongoing crypto rally may last longer if BTC consolidates in its current trading range.
Meanwhile, open interest in Bitcoin futures has also jumped recently. This could be a cause of concern, as higher liquidations at sudden price movements may cause a spike in volatility. It is uncertain how it could span out, but the present sentiments seem to be optimistic in the crypto market.
A parallel rally has also occurred in the US stock market, with macroeconomic conditions improving. The crypto market may have seen these effects spilling over into it.
Other altcoins in the market haven’t seen the kind of rally BTC has. Most of them have been static in narrow trading ranges.
BTC/USD 1D price chart
Bitcoin is currently trading at around $66,900 on October 16, 2024, with BTC/USD trading higher by a margin of around 2% in the last 24 hours. Bitcoin’s market cap was trading at around $1.3 trillion in the last 24 hours.
BTC/USD is higher than its 20-day EMA (around 63,000), as BTC’s 24-hour volume was at approximately $49 billion. The global crypto market cap increased by around 0.6%, trading above $2.3 trillion. BTC’s year-to-date returns are above 59%.
Check out Blockverse for regular insights on the crypto sector!
