Bitcoin Rebounds at $97K Despite Falling BTC Market Share

After a consistent dip last week, Bitcoin($BTC) shows signs of recovery at $97,585, even as $BTC market share fell to 56.75%. Notably, in the early hours, Bitcoin briefly broke through the $98,000 mark.

Bitcoin Market Trends

At the time of writing, Bitcoin’s 24-hour trading volume has surged by 16.12%, reaching $37.92 billion. Meanwhile, its market cap has increased by 1.39%, reaching a staggering $1.93 trillion. As the seventh most valuable asset globally, Bitcoin might surpass Alphabet (Google), which holds a market cap of $2.08 trillion, if this surge continues.

Courtesy: Coinmarketcap

Technical indicators show mixed but optimistic signals. The Relative Strength Index (RSI 14) stands at 67, indicating a ‘Neutral’ trend. Meanwhile, the Simple Moving Average (SMA 10) is at $96,126, signaling a ‘Buy’ action. These indicators suggest there is still room for further growth, although Bitcoin hasn’t reached levels considered excessively high, leaving the possibility of either continued upward movement or a cooling-off period.

Moreover, traditional investors are also returning to Bitcoin ETFs. As of November 29, U.S. spot Bitcoin ETFs saw an outflow of $320.01 million, balanced by inflows of $137.49 million from BlackRock’s IBIT ETF.

Bitcoin Market Share Falls

According to TradingView data, Bitcoin’s market share ($BTC.D) fell to 56.75%, down 8.15% from its recent peak of 61.78% on November 21.

Additionally, since November 5, the total market value of altcoins (TOTAL2) has shown a strong upward trend. After hitting a low of $856.1 billion on November 5, the altcoin market has risen by about 70%, now valued at $1.46 trillion. This indicates that altcoins are gaining significant momentum as investors diversify their portfolios. The spillover effect from Bitcoin’s surge appears to have contributed to the increasing market share of altcoins.