Bitcoin climbed toward $11,000, reaching $10,950 after an intraday high of $10,840 the previous day. Bitcoin's strength pushed its dominance in the overall cryptocurrency market to 61.24%, up from 59.20% on September 14.
Traders eyeing BTC/USD at $11k as Bitcoin dominance jumps to 61%
Bitcoin climbed toward $11,000, reaching $10,950 after an intraday high of $10,840 the previous day. Bitcoin's strength pushed its dominance in the overall cryptocurrency market to 61.24%, up from 59.
Key Points
- Bitcoin climbed toward $11,000, reaching $10,950 after an intraday high of $10,840 the previous day.
- Bitcoin's strength pushed its dominance in the overall cryptocurrency market to 61.24%, up from 59.
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The broader altcoin sector cratered in the same period. The total market cap shed nearly $6 billion in 24 hours. Ethereum dropped 3% to below $365. XRP fell about 2% to $0.24. Polkadot retreated 2.4%. Bitcoin Cash slipped 3% to $232. Binance Coin suffered losses exceeding 7%. The DeFi tokens fared worse, with Aave and Band Protocol each losing 14%, while SushiSwap plummeted 24%.
Bitcoin now represents $201 billion of the $348 billion total cryptocurrency market.
MicroStrategy CEO Michael Saylor announced via Twitter that the company had acquired an additional 16,796 bitcoins for $175 million. The latest batch brings MicroStrategy's total holdings to 38,250 bitcoins acquired for $425 million.
The acquisition suggests that large corporations view Bitcoin as a store of value worth adding to their balance sheets. Analysts raised a countervailing concern: if MicroStrategy decided to liquidate those holdings, the ensuing sell pressure could crash Bitcoin's price. From a technical standpoint, Bitcoin needs to clear $11,000 to sustain its rally. If the price retreats, traders are watching support zones at $10,500 and $10,000.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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