Bitcoin continues to rise at a surprising rate. On December 16, it first surpassed the $ 20,000 level, then broke $ 22,000 with the same ease.
A new record has been set as the leading cryptocurrency surpasses the $ 23,000 mark on crypto exchanges (on Kraken). Bitcoin continues to rise as more reports come out that the Fed plans to print more dollars. However, more and more major financial institutions are entering the Bitcoin industry to save their cash reserves from devaluation.
The price has risen nearly 560% since the lowest we saw during the COVID-induced market crash in March, and at this point, the sky is the limit alone. At the time of writing, Bitcoin is traded at $ 23,306.
In addition to these, the dominance of Bitcoin is also increasing. At the time of this writing, it stands above the 66% level. Bitcoin’s dominance is an index that shows the relative share of BTC compared to the entire cryptocurrency market. When on the rise, that means altcoins are in pain. While many cryptocurrencies have increased in dollar value, overall altcoin market share has declined. The best case scenario for altcoin traders would be for Bitcoin to calm down and consolidate, then lead to the so-called altcoin season. During the altcoin season, it is expected that BTC will remain relatively stable and altcoins will start to explode in dollar and BTC values.