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- Bitcoin Dominance Climbs to 57% as BTC Hits $104K
Bitcoin Dominance Climbs to 57% as BTC Hits $104K
Bitcoin’s market dominance surged to 57% as the asset achieved a historic high of $104,000, silencing altseason chatter.
Joe G & Money Talks
December 05, 2024 • Estimated Reading Time: 7 minutes
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What we will talk about today...
Bitcoin Dominance Climbs to 57% as BTC Hits $104K
ETH/BTC Rebound: Analyst Declares the ‘Collapse is Over’
XRP Slumps 13% Amid Bitcoin’s $100K Surge: Is Altseason Over?
Bitcoin’s market dominance surged to 57% as the asset achieved a historic high of $104,000, silencing altseason chatter.
If you bought $100 of Bitcoin when Coinbase was founded in June 2012, it would now be worth about $1,500,000.
If you kept the $100 USD you'd only be able to purchase about $73 worth of goods today.
Bitcoin is the best performing asset of the last 12 years, and it's still early… x.com/i/web/status/1…
— Brian Armstrong (@brian_armstrong)
3:21 AM • Dec 5, 2024
Main Points:
BTC Hits $104K: Bitcoin broke into six-figure territory on Dec. 5, marking an all-time high.
Dominance Rebound: BTC dominance rose 4.4% to 57% after dipping to 54.7% the previous day.
Market Sentiment: Fear & Greed Index at 84 signals "extreme greed" as interest in Bitcoin spikes.
Detailed Insights:
Altcoin Slowdown: Recent rallies in altcoins like XRP and BNB stalled as Bitcoin reclaimed attention.
Liquidations Spike: $132M in short positions were liquidated within four hours as BTC surged.
Social Trends: Google searches for Bitcoin reached a weekly high following the milestone.
Historical Context: Coinbase CEO highlighted Bitcoin’s status as the best-performing asset over 12 years.
#Bitcoin - Dominance with a little reversal. Almost like $BTC was jealous that alts were getting all the attention and wanted to remind everyone it's still king.
— IncomeSharks (@IncomeSharks)
3:30 AM • Dec 5, 2024
Bitcoin’s dominance reflects renewed investor confidence, setting the stage for potential market recalibration.
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ETH/BTC Rebound: Analyst Declares the ‘Collapse is Over’
Ether's underperformance against Bitcoin appears to be ending, with analysts predicting a surge in strength for ETH over the next 6–12 months.
I think the #ETH / #BTC collapse is over (or nearly over) and it should go higher over the next 6-12 months.
I said my worst case scenario was 0.03 and #ETH / #BTC went to 0.03187.
Historically #ETH / #BTC usually starts going up in either December/January.
So if it's… x.com/i/web/status/1…
— Benjamin Cowen (@intocryptoverse)
3:23 PM • Dec 4, 2024
Once $ETH breaks the $4,000 area, there is a high chance we see a God candle to $5,000.
Shorts kept & keep pilling up here, so watch the liquidation unfolds above $4k.
— MisterSpread (@MisterSpread)
3:19 PM • Dec 4, 2024
Main Points:
ETH Reclaims $3,846: Ether gains 5.5% in 24 hours, nearing the $4,000 milestone.
ETH/BTC Ratio Recovery: The ratio climbed to 0.03811 after hitting a low of 0.03187.
Analyst Outlook: A potential ETH rally could push prices to $5,000.
Detailed Insights:
Historical Trends: December and January historically see ETH/BTC ratio gains, according to analysts.
Bullish Predictions: Bitwise CEO says surpassing $4,000 will "surprise no one."
Short Squeeze Potential: Breaking $4,000 could trigger rapid gains up to $5,000.
Ethereum's Position: Experts affirm Ethereum remains unmatched in decentralized application ecosystems.
ETH has the preeminent lane for a reason
and it’s about to remind people why
— DCinvestor (@iamDCinvestor)
6:54 PM • Dec 4, 2024
No one will be surprised when ETH crosses $4,000
There's a lot of great L1s, but there's room for multiple. Android, iOS, and Windows all co-exist and make different tradeoffs.
The pie is growing, and ETH has a big lane.
— Hunter Horsley (@HHorsley)
6:28 PM • Dec 4, 2024
Ether's momentum signals bullish opportunities, with a breakout above $4,000 poised to catalyze further growth.
₿itcoin reached $102,736. +6.02%
♢Ethereum reached $3,915. +4.77%
XRP prices tumble, erasing December gains as Bitcoin reaches a historic $100,000 milestone. Market shifts suggest uncertainty for altcoins.
Main Points:
Price Plunge: XRP drops 13% in 24 hours, trading at $2.30, down 25% from its $2.90 high.
Market Cap Impact: XRP loses 8% of its market cap, slipping below Tether to fourth place.
Liquidations Surge: Over $12.79M in XRP long positions were liquidated on Dec. 5.
Bullish Potential: A bull flag pattern hints at an upper target of $4.83.
Detailed Insights:
December Gains Reversed: XRP/BTC ratio fell to 0.00002334, wiping out early December gains.
Futures Activity: Open interest dropped from $4.3B to $722M, reflecting diminished confidence.
Technical Setup: Breakout above $2.37 could signal bullish continuation, with resistance at $4.83.
Support Risks: Failure to maintain $2.05 support could lead to a deeper correction at $1.68.
XRP's short-term outlook is cautious but retains potential for bullish recovery. Traders should watch critical levels for trend confirmation.
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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results