Bitcoin’s recent uptrend continues as the cryptocurrency hits a new multi-month high of nearly $ 56,000. BTC’s dominance over the altcoins has also reached a record, even though most of them are in the green against the dollar.
BTC dominance at two month high
October continues to be a very good month for bitcoin, at least for now. The primary cryptocurrency sat at just over $43,000 at the start of it, but in the first few days alone jumped to around $48,000, where it stood for a while.
After a brief $ 1,000 retracement, he picked up steam and hit $ 50,000 for the first time since early September. This time, though, it broke above the level and neared $52,000, as reported yesterday.
The bulls were not yet finished, as they continued to push the asset north. This resulted in another impressive surge that took BTC to a daily high of just under $56,000. It became bitcoin’s highest price since mid-May.
Despite retracing with a few thousand dollars since then, the cryptocurrency’s market capitalization is still well above $1 trillion. Additionally, it increased its dominance over altcoins to almost 45%, which is a two-month high.
Alts in Green But Not Against BTC
The alternative coins have also jumped higher against the dollar in the past several days. Ethereum, for example, fell well below $ 3,000 during the crash in late September.
However, the second-largest crypto has reclaimed more than $700 since then and currently stands above $3,600, which is a multi-week high.
On a 24 hour scale, the entire market is green. This includes impressive gains from Cardano, Binance Coin, Ripple, Solana, Polkadot, Terra, Avalanche, Uniswap, and Litecoin.
However, compared to BTC the situation is quite different as many of them lost value for the third day in a row resulting in the aforementioned change in dominance.
One of the few exceptions is Shiba Inu. As reported earlier, SHIB has skyrocketed by triple-digit percentages in the past week and has not become the 12th-largest cryptocurrency by market cap.
The cryptocurrency’s market cap has risen $ 150 billion from yesterday’s low and now sits above $ 2.3 trillion – a multi-month high as well.
