After a consistent dip last week, Bitcoin(BTC) shows signs of recovery at $97,585, even as BTC market share fell to 56.75%. Notably, in the early hours, Bitcoin briefly broke through the $98,000 mark.
Bitcoin Market Trends
At the time of writing, Bitcoin’s 24-hour trading volume has surged by 16.12%, reaching $37.92 billion. Meanwhile, its market cap has increased by 1.39%, reaching a staggering $1.93 trillion. As the seventh most valuable asset globally, Bitcoin might surpass Alphabet (Google), which holds a market cap of $2.08 trillion, if this surge continues.
Technical indicators show mixed but optimistic signals. The Relative Strength Index (RSI 14) stands at 67, indicating a ‘Neutral’ trend. Meanwhile, the Simple Moving Average (SMA 10) is at $96,126, signaling a ‘Buy’ action. These indicators suggest there is still room for further growth, although Bitcoin hasn’t reached levels considered excessively high, leaving the possibility of either continued upward movement or a cooling-off period.
Advertisement
Moreover, traditional investors are also returning to Bitcoin ETFs. As of November 29, U.S. spot Bitcoin ETFs saw an outflow of $320.01 million, balanced by inflows of $137.49 million from BlackRock’s IBIT ETF.
Bitcoin Market Share Falls
According to TradingView data, Bitcoin’s market share (BTC.D) fell to 56.75%, down 8.15% from its recent peak of 61.78% on November 21.
Additionally, since November 5, the total market value of altcoins (TOTAL2) has shown a strong upward trend. After hitting a low of $856.1 billion on November 5, the altcoin market has risen by about 70%, now valued at $1.46 trillion. This indicates that altcoins are gaining significant momentum as investors diversify their portfolios. The spillover effect from Bitcoin’s surge appears to have contributed to the increasing market share of altcoins.
Also Read: XRP Market Surpasses SOL as Ripple Set to Launch RLUSD
Advertisement
