Calls for altseason have quieted as Bitcoin dominance rebounded, with its price surpassing $100,000 for the first time in history.
The asset reached a six-figure all-time high on Dec. 5, and Bitcoin dominance, which is a metric that indicates the proportion of the crypto market’s total value that belongs to BTC, has rebounded.
However, the majority of altcoins were unable to match its gains.
TradingView reports that Bitcoin dominance has increased by 4.4% in the past day, surpassing 57%, as the asset reached a record high of $104,000 on December 5.
Before its recovery, Bitcoin’s market share had declined by 11.5% from a three-and-a-half-year peak of 61.8% on Nov. 21 to a low of 54.7% on Dec. 4.
Income Sharks, an analyst, stated in a post on X on December 5 that BTC was “almost like BTC was jealous that altcoins were getting all the attention and wanted to remind everyone it’s still king.”
The past week has seen a surge in the popularity of altcoins, with BNB and Tron reaching all-time highs and XRP reaching a seven-year high. Meanwhile, Bitcoin has been in a state of consolidation around the $95,000 level, which has resulted in a decline in BTC’s dominance.
That changed on December 5, when BTC surged into six-figure territory during early trading.
Currently, the Bitcoin Fear & Greed Index, which evaluates market sentiment, is at an “extreme greed” level of 84.
On November 22, Bitcoin reached an all-time peak of $99,000, causing the price to surge to 94, its highest level since December 2020.
Additionally, there has been an increase in social sentiment, as evidenced by the fact that the most significant increase in Bitcoin searches in the past week occurred on December 5, according to Google Trends.
According to CoinGlass, there were $132 million in short position liquidations within the last four hours.
Industry executives and analysts have been commemorating Bitcoin’s “$100K Day.” Coinbase CEO Brian Armstrong stated, “If you purchased $100 of Bitcoin when Coinbase was established in June 2012, it would be worth approximately $1,500,000 today.”
He stated, “If you were to retain the $100 USD, you would only be able to purchase approximately $73 in products today.” He then stated, “In addition,
“Bitcoin is the best-performing asset of the last 12 years, and it’s still early days.”