Render

Aptos

Bitcoin

Avalanche

Bitcoin (BTC) has reached its highest market dominance in nearly three years as geopolitical tensions and a strengthening U.S. dollar continue to weaken altcoins. The shift underscores Bitcoin‘s resilience in the face of broader market struggles. 
<h2 id="bitcoin-dominance-nears-three-year-high-amid-altcoin-weakness">Bitcoin Dominance Nears Three-Year High Amid Altcoin Weakness</h2> 
On Thursday, <a href="https://www.turkishnyradio.com/is-there-enough-demand-for-bitcoins-price-to-rise/" target="_blank" rel="noopener">Bitcoin</a> maintained its position above the $60,000 support level and was trading around $61,100, a 1% increase over the past 24 hours. This recovery came after a brief dip below $60,000 during the previous day’s trading session. 
While Bitcoin remains strong, the wider cryptocurrency market has faced challenges. Ethereum (ETH) dropped by 1%, and other major altcoins like Ripple (XRP), Solana (SOL), Avalanche (AVAX), and Render (RNDR) posted notable losses. 
<img decoding="async" class="alignnone size-full wp-image-21226" src="https://www.turkishnyradio.com/wp-content/uploads/2024/10/that-reflects-Bitcoins-rising-dominance-in-the-cryptocurrency-market-The-image-should-feature-a-prominent-Bitcoin-sym.webp" alt="that reflects Bitcoins rising dominance in the cryptocurrency market The image should feature a prominent Bitcoin sym" width="1792" height="1024" title="Bitcoin Dominance Reaches Its Highest Level in Three Years! Here’s Why 4" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/10/that-reflects-Bitcoins-rising-dominance-in-the-cryptocurrency-market-The-image-should-feature-a-prominent-Bitcoin-sym.webp 1792w, https://www.turkishnyradio.com/wp-content/uploads/2024/10/that-reflects-Bitcoins-rising-dominance-in-the-cryptocurrency-market-The-image-should-feature-a-prominent-Bitcoin-sym-768x439.webp 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/10/that-reflects-Bitcoins-rising-dominance-in-the-cryptocurrency-market-The-image-should-feature-a-prominent-Bitcoin-sym-1536x878.webp 1536w" sizes="(max-width: 1792px) 100vw, 1792px"> 
However, the Aptos (APT) blockchain was a rare standout, gaining 7% during the day. This surge followed news that Franklin Templeton had expanded its tokenized money market fund to the Aptos blockchain. 
Analysts speculate that investors may have shifted their profits from Sui (SUI), which had seen a 110% rally in the past month. 
Bitcoin’s performance has increased its share of the total crypto market value, pushing its dominance to over 58%—the highest in recent years. Meanwhile, the ETH/BTC ratio dropped to 0.038, approaching its lowest level since mid-September. 
<h2 id="market-awaits-u-s-jobs-report">Market Awaits U.S. Jobs Report</h2> 
Market participants are now awaiting Friday’s U.S. employment report, which could impact risk assets like cryptocurrencies. According to QCP Capital, a crypto hedge fund, “A combination of expected rate cuts and labor market strength could boost risk assets.” 
As the market remains volatile, Bitcoin continues to highlight its status as a safe haven, while smaller cryptocurrencies remain vulnerable to external pressures.

Bitcoin Dominance Reaches Its Highest Level in Three Years! Here’s Why

Table of Contents

TNYR

Other articles published on Oct 4, 2024

XRP Whales Shift 153M Coins As SEC Files Appeal In Ripple Lawsuit

Terawulf Sells $92M Stake in Nautilus Bitcoin Mine to Focus on AI and HPC Expansion

Binance Demands Release of Executive Before Meeting Nigerian Crypto Regulations: Report

Is Uptober Over?

The potential of AI in shaping the future of personalized patient advocacy

Public vs Private Blockchain RPC Nodes: What’s Best?

Join our free newsletter for daily crypto updates!