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Bitcoin’s Dominance Reaches 30-Month High as Dogecoin Surges While Ethereum Struggles: Analytics Platform Sees Bull Market Potential Despite Equities Reliance

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“The recent surge in Bitcoin and Dogecoin, coupled with Ethereum experiencing a slump, highlights the shifting dynamics in the cryptocurrency market. As BTC dominance reaches a 30-month high, it signifies a paradigm shift where investors are relying less on traditional equities and embracing the potential of cryptocurrencies. This bull market ‘recipe’ showcases the growing influence of analytics platforms in understanding the evolving trends of the King Crypto.”

Major coins traded mixed at the time of publishing as the global cryptocurrency market cap rose 0.7% higher at $1.27 trillion. The apex cryptocurrency, Bitcoin, hovered around the $34,600 mark on Wednesday night with Bitcoin dominance rising to a new 30-month high. Bitcoin breached the $35,000 level intraday.

Here are the current prices of some major cryptocurrencies:

– Bitcoin (BTC): +1.48%, $34,695.78
– Ethereum (ETH): -0.49%, $1,798.44
– Dogecoin (DOGE): +5.8%, $0.07

Bitcoin dominance rate rose to 54.4%, the highest level since April 2021. Analyst Edward Moya believes that the short-term bull case for Bitcoin remains intact until there is more clarity on the U.S. spot Bitcoin ETF.

The top gainers in the past 24 hours are Pepe (PEPE) with +26.47% gains, The Graph (GRT) with +8.85% gains, and Rocket Pool (RPL) with +7.93% gains.

Market intelligence platform Santiment noted that Bitcoin reached a new 17-month high even as other risk assets declined. This suggests that the reliance of Bitcoin and altcoins on equities is decreasing, indicating favorable conditions for a bull market.

Cryptocurrency trader Michaël van de Poppe commented that Bitcoin is consolidating and mentioned a potential long entry zone if it sweeps $33.1 and gets towards $32.6K.

It’s important to note that the views and opinions expressed in this article are those of the author and do not necessarily reflect those of Nasdaq, Inc.


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