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Bitcoin Smashes Through $34,000 as Its Dominance Reaches Highest Level Since July 2017

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Sun, 3/01/2021 - 6:48
Bitcoin Smashes Through $34,000 as Its Dominance Reaches Highest Level Since July 2017
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Bitcoin, the largest cryptocurrency by market cap, has extended its record-breaking rally, soaring above the $34,000 level on the Bitstamp exchange at 05:12 UTC.        

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It is already up 17 percent in 2021 even before the U.S. stock market managed to open. Last year, it skyrocketed 304 percent.    

As reported by U.Today, Bitcoin touched the $30,000 level yesterday before continuing to break other milestones in mere minutes.     

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No alt season 

Bitcoin's dominance has now reached 73.31 percent, according to TradingView data. This is its highest level since July 2017 when the leading cryptocurrency was trading at just $2,400 a pop. 

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While alternative cryptocurrencies outstripped Bitcoin in the first quarters of the previous years, this doesn't appear to be the case in 2021. It is currently the best-performing cryptocurrency of the past 24 hours, with Litecoin, the altcoin that is known for its high correlation with the king, comes in second place with a 12 percent uptick.

The ETH/BTC pair is down almost eight percent since the start of the year, with Ethereum struggling to catch up with Bitcoin's enormous rally.     

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