In a strong continuation of what many are calling “Uptober” Bitcoin’s price surged to a 17-month high, briefly crossing the $35,000 mark in the most recent trading session. The same bullish sentiment has also lifted several altcoins, but interestingly, Bitcoin‘s dominance in the crypto market has reached levels not seen in over two and a half years.
Bitcoin’s Impressive Rally
Just a week ago, Bitcoin faced a sudden $2,000 drop to $28,000 following a false report about the SEC approving a spot Bitcoin ETF. However, the bulls seized the moment and began driving the cryptocurrency’s value upward later in the week. This led to a significant price increase, breaking the $30,000 barrier during the weekend, and an even more remarkable surge on Monday and earlier today.
BTCUSD. Source: TradingView
BTC witnessed a tremendous leap of about $4,000, surpassing $35,000 for the first time since May 2022. Despite a slight pullback from this high, Bitcoin remains up by 11% for the day. Its market capitalization soared to $665 billion, and its dominance over other cryptocurrencies reached 53%, the highest level since the spring of 2021.
Altcoins in Green
The increased volatility in Bitcoin often extends to other altcoins, and in this instance, they followed Bitcoin’s upward trajectory. Major altcoins like Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE), Polkadot (DOT), and Bitcoin Cash (BCH) all experienced significant gains.
Ethereum, for example, surged by more than 8%, reaching a multi-month high of over $1,800. Other altcoins such as Binance Coin, Ripple, Solana, Tron, Toncoin, Polygon, and Litecoin also posted gains, though more modest in comparison.Several smaller-cap altcoins demonstrated impressive double-digit gains, with Mina (92%), Pepe (25%), Conflux (17%), Injective (19%), Rocket Pool (18%), and Flow (12%) standing out.
Market Cap Surges
The cumulative market capitalization of all cryptocurrencies experienced a remarkable overnight increase, surging by more than $120 billion and reaching a six-month high of over $1.27 trillion according to CoinMarketCap.
Cryptocurrency Market Overview. Source: Quantify Crypto
The cryptocurrency market continues to be a dynamic space with significant price movements and increased dominance for Bitcoin, marking an exciting period for crypto enthusiasts and investors.