Bitcoin dominance, a metric measuring how much of the crypto market’s total value belongs to BTC, recovered as the asset reached its six-figure all-time high on December 5. Meanwhile, most altcoins failed to match BTC’s gains.

According to TradingView, Bitcoin dominance rose by 4.4% over the past 24 hours, climbing to 57% as the asset hit a record $104,000 on December 5. Bitcoin’s market share had dropped from 61.8%, a three-and-a-half-year high on November 21, to a low of 54.7% on December 4, before staging its latest rebound.

Analyst Income Sharks, in a post on the X platform on December 5, commented: “It’s almost as if BTC was jealous that altcoins were getting all the attention and wanted to remind everyone that it’s still the king.”

Bitcoin Dominance

What is The Current Status of The Fear and Greed Index?

The Bitcoin Market Fear and Greed Index, which analyzes market sentiment, is currently at an “extreme greed” level of 84. However, this index spiked to 94 on November 22, when Bitcoin reached its all-time high of $99,000, marking the highest level since December 2020. Social sentiment has also increased; according to Google Trends, searches for Bitcoin on December 5 saw the biggest surge of the past week.

Worldwide searches for ‘Bitcoin’ on Google. Source: Google Trends

Short Positions

Meanwhile, according to CoinGlass, $132 million worth of short positions were liquidated over the past four hours. Industry executives and analysts are celebrating Bitcoin’s “100K Day.” Coinbase CEO Brian Armstrong said, “If you had bought $100 worth of Bitcoin when Coinbase was founded in June 2012, it would now be worth about $1,500,000.” Armstrong also added, “If you had kept your $100 in cash, you would only be able to purchase about $73 worth of goods today.”

“Bitcoin is the best-performing asset of the last 12 years, and it’s still early days.”

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