Bitcoin Sets New Five-Month High, Altcoins Slighty In Red
• Bitcoin touched a new five-month high of $24,000, with its dominance increasing to over 42.5%.
• Bitcoin initiated another leg up in the past 24 hours, after dipping below $20,500 a little over two weeks ago.
• The altcoins are slightly in the red on a daily scale.
It has been a wild ride for Bitcoin over the past few weeks, with the cryptocurrency finally reaching a five-month high of $24,000. This surge in value has also seen the BTC dominance increase to more than 42.5%.
The crypto market seemed to be stalled a little over two weeks ago, when Bitcoin dipped below $20,500. However, the asset was quick to recover the losses and went on to chart new gains in the following days. This culminated in the past 24 hours when Bitcoin initiated another leg up and touched the new five-month high of $24,000.
The altcoin market has been far from stagnant during this time, with some coins recording significant gains in the past week. However, on a daily scale, the majority of the top cryptocurrencies are showing slight losses. This has helped BTC dominance increase to more than 42.5%.
It appears that Bitcoin’s momentum is slowing down, as the asset was rejected at the five-month high and has since slipped by almost $1,000. While there is still a lot of bullish sentiment in the market, traders are wary of the possibility of a major correction.
Nevertheless, the current price action has been incredibly positive for Bitcoin, with many industry experts expecting the asset to reach a new all-time high before the end of 2021. While there is still a lot of volatility to come in the crypto markets, the current price action is painting a very bullish picture for the future of Bitcoin.