Bitcoin Dominance Reached New 3.5-Year Peak as BTC Maintains $90K (Market Watch)

The massive price rally for the primary cryptocurrency continued in the past 24 hours as the asset skyrocketed to nearly $94,000 to chart its latest all-time high.

A few more altcoins have peaked as well, including the recently launched meme coin sensation – PNUT and PEPE.

BTC Maintains $90K

Ever since it became known that Donald Trump will be the next president of the US, bitcoin has been on a mindblowing rally that pushed it from $68,000 on election day to over $90,000 just over a week later.

The latest peak came last night. BTC was rejected at $90,000 on a couple of occasions earlier this week but managed to break through that level yesterday, and the bulls pushed it all the way up to $93,850.

Another rejection came at that level, and BTC slipped to $88,000 during the early morning Asian trading session. However, it bounced above $90,000 in the next few hours and currently stands above it following the substantial inflows toward the Bitcoin ETFs in the States.

Nevertheless, there are a few warning signs that the cryptocurrency could retrace soon. For now, though, BTC’s market cap stands at $1.8 trillion, while its dominance over the alts jumped to over 61% on TradingView and above 57% on CG, both of which are multi-year peaks.

Bitcoin/Price/Chart 14.11.2024. Source: TradingView

PEPE, PNUT on the Rise

The altcoins have also turned green over the past day, with impressive gains from the likes of SOL, ADA, XRP, DOGE, BNB, SHIB, AVAX, SHIB, BCH, and LEO. All of those have increased by up to 10%.

More massive price surges come from the meme coin niches. Following support from Coinbase, WIF has risen by 45%. PEPE was also listed on the US exchange, as well as Robinhood, and has skyrocketed by 75% on a daily scale to a fresh all-time high.

The recent sensation PNUT has jumped above $2 and tapped a record of its own at almost $2.6 today.

The total crypto market cap reached a new high of its own earlier today and now sits close to $3.150 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto