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

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Sun, 01/03/2021 - 06:48
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Alex Dovbnya
Bitcoin continues to crush altcoins as its market share reaches the highest level since mid-2017
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.        

Bitcoin
Image by tradingview.com

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. 

Dominance
Image by tradingview.com

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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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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