On November 21, 2024, Bitcoin set a new record, rising to $97,852 at one point. The leading cryptocurrency’s capitalization briefly surpassed $1.92 trillion and its dominance rate reached over 61%.

However, after reaching its peak, bitcoin’s exchange rate has pulled back but is still holding above the $97,000 mark. According to TradingView, the asset’s capitalization reached $1.94 trillion at one point before correcting. This allowed bitcoin to strengthen its position in the global asset ranking, returning to the seventh position. The dominance of the cryptocurrency first rose to 61.8%, after which it declined, but then began to recover again. At the time of preparation of the material, the indicator is 61.5%.

Experts at QCP Capital noted that the altcoin alt season – the period of active growth of altcoins – will come only when the dominance of bitcoin will fall to the level of 58% or lower. Until that happens, other cryptocurrencies are showing mixed dynamics. Some altcoins, such as Cardano and Dogecoin, have barely reacted to the growth of the market flagship.

Over the past 24 hours, total liquidations in the futures market totaled $457.52 million, with long positions accounting for the vast majority of liquidations. The Fear and Greed Index remains unchanged, indicating stability in market sentiment.

The key factor for bitcoin’s growth, analysts call the start of trading in options on shares of spot ETFs based on this cryptocurrency. It was this event that probably catalyzed a new record of the first cryptocurrency.