Bitcoin Breaks $41,000 Level Boosting its Market Dominance

Bitcoin Breaks $41,000 Level Boosting its Market Dominance

AltcoinsBitcoin

By Miles

04 Dec 2023 (6 months ago)

1 min read

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Bitcoin's surge to $41K, the first in 18 months, shakes the derivatives market and boosts its dominance, with altcoins and meme coins also gaining.

For the first time in 18 months Bitcoin's price has surged to over $41K, this has caused a shake-up in the derivatives markets, leading to  $190 million in liquidated positions, mostly from short positions (traders betting against bitcoin).

This recent rise has caused Bitcoin's market dominance to increase to 50.5%, proving that Bitcoin is performing better than other cryptocurrencies. 

Altcoins like Ethereum, Solana, Cardano, and XRP have also followed the upward price trend, showing gains in the last 24 hours and over the past week.

Meme coins Dogecoin and Shiba Inu are not left out, with notable increases in their trading prices over the last 24 hours and the past week.

Here's a chart showing Bitcoin's price activity in the past 24 hours

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