As a seasoned researcher with over two decades of experience in the financial markets, I’ve witnessed countless trends and fluctuations. The current surge of Bitcoin, reaching new heights and dominating the market, is indeed a sight to behold. It reminds me of the old saying, “The tortoise always wins the race,” and it seems like Bitcoin is proving this adage right in the crypto world.
For the first time since early April 2021, Bitcoin‘s control over the cryptocurrency market has exceeded 60%, as per data from TradingView. At present, its total market value is approximately $1.43 trillion.
The cryptocurrency’s market share is up nearly 17% since the start of the year.
It has surged by nearly 5% during this October alone, with Bitcoin leaving altcoins in the dust.
Earlier today, the leading digital currency scaled to a high not seen for several months at approximately $73,562, nearly touching its all-time highest value.
According to U.Today’s report, the leading cryptocurrency has reached new record highs in multiple significant digital currencies.
Supporters of Bitcoin are currently reveling in its latest achievements, as expressed by Tuur Demeester on social media: “Other cryptocurrencies are faltering due to Bitcoin’s overwhelming superiority. In the long run, the tortoise will ultimately win this race.
Ethereum keeps plunging against Bitcoin
On Oct. 28, the ETH/BTC pair collapsed to 0.036 BTC, its lowest level since April 2021.
Ethereum (ETH) is still a whopping 46% away from reclaiming its record high.
The ETH/BTC pair is down nearly 60% over the past two years.
On October 28th, U.S.-traded Ethereum ETFs experienced approximately $1.1 million in withdrawals, while Bitcoin ETFs recorded impressive $479 million in new investments.
Simultaneously, Ethereum’s co-creator Vitalik Buterin unveiled a visionary plan encompassing six main aspects.
Even though its current performance is disappointing to many, some supporters of Ethereum remain optimistic that it will ultimately triumph in the long run.
For now, however, the so-called “flippening” remains an extremely far-fetched scenario.
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2024-10-29 23:33