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Bitcoin price continued its gradual rise that started at the beginning of the week and managed to touch the $98,000 level in the past 24 hours for the first time in about two months.
Meanwhile, Bitcoin’s dominance over the altcoin market has increased as most major cryptocurrencies have failed to consolidate their recent gains, although Ethereum (ETH) remains stable above $3,350 and is targeting $3,400 levels.
The current upward wave began with Bitcoin rising strongly last week, rising from less than $90,000 to nearly $95,000 in a matter of days before falling back below its starting point.
But buyers soon stepped in and held the $90,000 level, thus maintaining the overall upward trend.
Bitcoin price made several unsuccessful attempts to break above $92,000, eventually recovering and surging to $96,500 on Tuesday.
At this level, selling pressure emerged, taking the price back below $94,500, but Bitcoin soon regained momentum.
On Wednesday night, prices rose thousands of dollars again, reaching $98,000 for the first time since mid-November, despite rising geopolitical tensions.
Bitcoin is currently trading near $97,000, with daily gains of around 2.2%, after the currency encountered top rejection.
Bitcoin’s market capitalization rose to approximately $1.94 trillion and its market dominance rose to approximately 57.5%, indicating that capital flows are once again favoring the largest asset over most alternative digital currencies.
As for Ethereum, it saw limited daily gains of around 1%, ending the day above $3,350, with it expected to test the $3,400 level and possibly exceed it if momentum continues.
Among other major cryptocurrencies, BNB, TRX, XMR and BCH recorded slight gains, while XRP, DOGE, ADA, LINK and XLM declined on the day.
There has been a mix of gains and losses in the mid- and large-cap digital currency categories. Some assets are under pressure, such as HYPE, LTC, HBAR, and TAO, while RAIN and ICP top the list of top-performing cryptocurrencies.
HASH coin recorded a significant jump of approximately 20%.
Due to this performance, the total market value of the digital currency market increased by approximately US$40 billion overnight to reach US$3.37 trillion.
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