On October 25, 2023 at 10:57 PM, the global cryptocurrency market cap rose 0.7% higher to $1.27 trillion. Bitcoin, the apex cryptocurrency, hovered around the $34,600 mark, breaching the $35,000 level intraday. This rise in price caused Bitcoin dominance rate to rise to 54.4%, which is the highest such level since April 2021.
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Major coins traded mixed at the time of publishing. Bitcoin gained 1.48% to $34,695.78, Ethereum lost 0.49% to $1,798.44 and Dogecoin increased 5.8% to $0.07.
Senior Market Analyst Edward Moya of OANDA said that the short-term bull case for Bitcoin has been made and will remain intact until there is more clarity on the US spot Bitcoin ETF.
Pepe (PEPE) was the top gainer in the 24-hours before this report, increasing 26.47% to $0.0000012. The Graph (GRT) and Rocket Pool (RPL) also gained 8.85% and 7.93% to $0.1 and $24.97 respectively.
Market intelligence platform Santiment noted that Bitcoin “scratched its way” to a new 17-month high even as other risk assets such as equities declined on Wednesday. This suggests that Bitcoin’s and altcoins’ two-year reliance on equities is gone, a typical recipe for a bull market.
Cryptocurrency trader Michaël van de Poppe congratulated his followers on having survived the Crypto bear market. He noted that Bitcoin was essentially just consolidating. If Bitcoin sweeps $33.1 and gets towards $32.6K, it will be a long entry zone.
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