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7 December 2023
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Bitcoin Sets New ATH Above $25,000: Bitcoin Dominance Eyes 70% (Market Watch)

Bitcoin has enjoyed this year’s Christmas with another all-time high crossing $25K. The total market cap has recovered the recent losses by adding $30 B over the past day.

Bitcoin’s Christmas continued with a bullish performance as the cryptocurrency has marked another all-time high – this time breaking above $25,000. Most altcoins have also added value, including Litecoin – a 15% surge for LTC has taken it to a new yearly high of about $130.

Bitcoin Paints A Fresh ATH Above $25K

After dumping to $22,700 on December 21st, just five days ago, BTC’s price performance has been quite impressive: The asset overcame $23K and $24K in the following days and, despite high fluctuations, averted serious price drops while the altcoin market was getting a beatdown.

In the past 24 hours, BTC doubled-down on its bullish performance. The cryptocurrency firstly jumped to $24,700, which became the new all-time high at the time, before initiating another remarkable leg up.

The second one resulted in tapping the coveted $25,000 level not long ago. Consequently, this became the new all-time high. Despite slightly retracing since then, bitcoin still trades around $24,800, as of writing these lines.

The technical indicators suggest that BTC has to overcome the psychological level at $25,000 decisively before potentially challenging the next resistance lines at $25,400 and $26,000.

If the trend reverses and bitcoin heads south for a correction, then $24,700 (prior high), $24,370, $24,000, and $22,700 might serve as initial support levels.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

New YTD Record For LTC: BTC.D At 70%

Most alternative coins have marked minor gains in their USD value; however, they continue to lose against the rising Bitcoin. The Bitcoin share over the crypto market, known as the Bitcoin Dominance, is on its way to 70%, which is a 1-year high. Even though new projects are emerging, Bitcoin’s ROI is beating most of them.

Ethereum has added 3% and has risen above $620. Bitcoin Cash (4%) sits at $315, Binance Coin (2%) trades at $33, Chainlink (3%) is close to $11.5, Polkadot (1%) is above $5.1, and Cardano (0.4%) is at $0.15.

Litecoin is the most impressive performer from the top 10 with a surge of 15%. As a result, LTC has marked a new yearly-high of nearly $130.

In contrast, Ripple’s native coin continues with high fluctuations after the SEC charges. XRP plummeted to $0.21 yesterday before suddenly skyrocketing to $0.37. Nevertheless, Bitstamp announced that the veteran exchange will halt XRP trading for its US customers, and the asset has tanked to $0.30 again.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto


Further gains are evident from THETA (10%), HedgeTrade (8%), CyberVein (8%), SwissBorg (7%), Monero (6%), ICON (6%), and Quant (6%).

The crypto market has added another $30 billion in a day and sits above $670 billion.

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