Bitcoin Breaks Above $68,000

1On October 16, 2024, Bitcoin's price exceeded the important threshold of $68,000, showing an increase of more than 4% in the last 24 hours. This surge once again highlights the strength of the first cryptocurrency amidst the global interest in digital assets.

Bitcoin’s dominance continues to grow

Not only is Bitcoin’s price impressive: the dominance rate in the market is also showing steady growth. It now stands at 58.89%, further emphasizing the cryptocurrency’s influence on the overall market.

Despite the rise of digital gold, most of the top 10 assets by capitalization have not shown significant reactions. Only Dogecoin and Solana stood out, with gains of 10.4% and 2.89% respectively over the last day.

The rise in Bitcoin’s price has not gone unnoticed in the futures market. The liquidation volume exceeded $287 million in the past 24 hours, signaling high volatility in the crypto market, according to CoinGlass.

Fear and Greed Index at new highs

Along with the market’s rise, the Greed Index saw a significant increase, rising by eight points to 73. This indicates growing optimism among investors and the potential for further price increases.

Outlook for the future

Recently, Matt Hougan, the Chief Information Officer at Bitwise, predicted conditions for further growth of Bitcoin to $80,000 in Q4 2024. Will this forecast come true? The market seems to be well-positioned for another rally.