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Cryptocurrency News Articles

Bitcoin Dominance Hits Multi-Year High: What Does it Mean For Altcoins?

Oct 04, 2024 at 06:01 am

Bitcoin dominance continues to trend higher, and it is now just 0.2% away from a new three-year high

Bitcoin Dominance Hits Multi-Year High: What Does it Mean For Altcoins?

The U.S. dollar soared to its strongest level against major currencies since mid-August on Thursday, as strong economic data and geopolitical turmoil weighed on riskier assets.

Bitcoin was teetering above the $60,000 level once again on Thursday, while smaller cryptocurrencies tumbled amid geopolitical turmoil and the surging U.S. dollar.

"Bitcoin dominance continues to trend higher, and it is now just 0.2% away from a new three-year high,” said James Van Straten, a senior analyst at CoinDesk.

The overall dismal week for crypto happened with increasing concerns about military escalation in the Middle East, which sent crude oil prices near $74 a barrel, the highest in more than a month, while the U.S. dollar hit its strongest level against key currencies since mid-August.

"We saw more solid services data from the U.S.,” said Morten Lund, a senior trader in precious metals at Saxo Capital Markets.

Original source:headtopics

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