Bitcoin’s market dominance has rebounded, climbing back to 57% as the flagship cryptocurrency surged to an all-time high of $104,000 on Dec. 5. This historic milestone dampened calls for an “altseason,” as most altcoins failed to keep up with Bitcoin’s unprecedented gains.
Bitcoin Dominance Rebounds
Bitcoin dominance—a metric that tracks the percentage of the total cryptocurrency market cap held by Bitcoin—recovered sharply over the last day, rising by 4.4%, according to TradingView. This rebound follows a dip from a high of 61.8% on Nov. 21 to a recent low of 54.7% on Dec. 4.
The market shift came as Bitcoin broke through the six-figure threshold, leaving behind a week of consolidation around $95,000. Analyst Income Sharks humorously commented on the development, stating, “Almost like BTC was jealous that altcoins were getting all the attention and wanted to remind everyone it’s still king.”
Altcoin Rally Cools Off
While Bitcoin consolidated in late November, altcoins enjoyed a brief surge. Binance Coin (BNB), for example, hit a seven-year high, driving a temporary decline in Bitcoin dominance. However, Bitcoin’s explosive rally on Dec. 5 quickly shifted market focus back to the world’s largest cryptocurrency.
The broader crypto market saw a wave of liquidations, with $132 million in short positions wiped out in just four hours, according to CoinGlass.
Market Sentiment and Social Trends
The Bitcoin Fear & Greed Index, which gauges market sentiment, reached “extreme greed” levels, climbing to 84 on Dec. 5. This followed a peak of 94 on Nov. 22, when Bitcoin hit its previous high of $99,000.
Search interest in Bitcoin has also surged, with Google Trends reporting Dec. 5 as the biggest spike in Bitcoin-related searches over the past week. This growing interest reflects increased public attention as Bitcoin enters uncharted price territory.
Industry Reactions
The crypto community celebrated Bitcoin’s “$100K Day,” with Coinbase CEO Brian Armstrong emphasizing Bitcoin’s unparalleled performance. Armstrong noted, “If you bought $100 of Bitcoin when Coinbase was founded in June 2012, it would now be worth about $1,500,000.” He added, “Bitcoin is the best-performing asset of the last 12 years, and it’s still early days.”
