Bitcoin Dominance Soar to 2.5-Year High, Crypto Markets Gained $120B in a Day (Market Watch)

Uptober continues in full force, with bitcoin’s price skyrocketing to a 17-month peak at over $35,000 earlier today.

The same can be said about numerous altcoins, but that has not stopped the BTC dominance from soaring to its highest levels in about two and a half years.

BTC Exceeded $35K

It was about a week ago when bitcoin slumped by $2,000 in minutes to $28,000 as the report claiming that the SEC had finally approved a spot BTC ETF was proven to be false. However, the bulls decided to act on the momentum and started pushing the cryptocurrency north later that week.

This resulted in a price pump above $30,000 during the weekend and an even more impressive one on Monday and earlier today.

BTC was trading above the coveted $30,000 yesterday before it went on a massive leg up during the late US trading hours that led to hundreds of millions of dollars in short positions liquidated. More specifically, the cryptocurrency skyrocketed by about four grand and topped $35,000 earlier today for the first time since May 2022.

Despite losing about $1,000 since then, BTC is still 11% up on the day. Its market cap has soared to $665 billion, and its dominance over the altcoins saw its highest levels since the spring of 2021 at 53%.

BTCUSD. Source: TradingView## Alts Turn Green, too

As it typically happens when BTC experiences enhanced volatility, so do most altcoins. In this case, they have followed bitcoin north, with massive gains from the likes of ETH, ADA, DOGE, DOT, and BCH from the larger-cap alts.

Ethereum, for instance, has jumped by more than 8% and has charted a multi-month peak of its own at over $1,800. Binance Coin, Ripple, Solana, Tron, Toncoin, Polygon, and Litecoin are also in the green, albeit in a more modest fashion.

Even more impressive double-digit gains come from the likes of Mina (92%), Pepe (25%), Conflux (17%0, Injective (19%), Rocket Pool (18%), and Flow (12%).

The cumulative market cap of all crypto assets added more than $120 billion overnight and reached a six-month peak at over $1,270 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto