Bitcoin Dominance Falls Below 60% as Crypto, U.S. Stocks Hit New Highs
Bitcoin (BTC) dominance has fallen below 60% for the first time since Feb. 1. This figure represents bitcoin’s share of the total cryptocurrency market capitalization.
Bitcoin’s market cap now stands at $2.39 trillion, while the overall cryptocurrency market has surged past $4 trillion, setting a new all-time high.
Ether (ETH) has been a key driver of the rally, climbing above $4,600. The last time bitcoin dominance was this low, Bitcoin’s price was under $100,000.
It is not just cryptocurrencies hitting records, U.S. stocks are also reaching new highs. Both the S&P 500 and Nasdaq 100 have set fresh records.
Meanwhile, the DXY index, which tracks the U.S. dollar against a basket of major currencies, has slipped back below 98, providing continued support for risk assets.
Markets are currently pricing in nearly a 100% probability of a rate cut at the September 17 Federal Reserve meeting, which would bring the benchmark federal funds rate down to 4.00%–4.25%.
However, Tuesday’s inflation report was mixed: the headline year-over-year figure came in softer than expected, but core inflation remains a challenge.
Read more: Ether Eyes Record High as Options Traders Bet Big on ETH’s $5K Breakout
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