Crypto Price Today: Bitcoin rises above $34,600; Dogecoin, Shiba Inu jump over 6%

The major cryptocurrencies traded higher on Thursday amid optimism and stimulating bullish sentiments within the market. While the global cryptocurrency market cap surged 0.77% to around $1.27 trillion in the last 24 hours.

Bitcoin was up 1.47% at $34,626 as of 12:30 p.m., while its largest peer, Ethereum, surged 1.4% to above the $1,800 level.

The consistent gains registered by BTC have overshadowed the price action of ETH and other major altcoins. This has led to BTC dominance hitting a new 30-month high of over 54%; the highest since April 2021. However, as investors become comfortable with the risk curve during this market phase, altcoins may see an uptick in investor interest, leading to a correction in BTC dominance, said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.


Other popular altcoins, including Dogecoin and Shiba Inu, rose over 6% each. Also, Cardano, Solana, Polygon, Polkadot, Litecoin and Toncoin surged.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, surged to $675 billion. Bitcoin's dominance is currently 53.24%, according to CoinMarketCap. BTC volume in the last 24 hours declined 27.1% to $24.14 billion.

"Bitcoin’s decoupling from stock indices has brought cheer to the crypto community. The asset is up 23% on a weekly basis and aims to make a fresh move towards $35,000, a key level to hold for further gains. Bitcoin’s dominance is at its highest since April 2021, implying that traders are routing capital to the number one crypto asset over altcoins," said Vikram Subburaj, CEO at Giottus Crypto Platform.

"However, some altcoins have rallied considerably this week including Layer-1 asset Solana (SOL) and memecoin Pepe (PEPE). A minor pullback in the markets is likely in the short-term but the trend is clear as Bitcoin heads towards a Golden Cross (crossing of 50-day and 200-day moving averages) which is typically bullish," Subburaj added.

Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin
Bitcoin price is in an uptrend with potential resistance levels at $36,507 and $38,579. If the market turns bearish, support can be found at $31,212, $29,172 and $27,956.

The Relative Strength Index (RSI) is high at 78, indicating potential overbought conditions but also strong momentum. The 50-day EMA at $30,673 supports a positive short-term trend. The bullish pattern, "Three White Soldiers", indicates a reversal from the previous downtrend.

Bitcoin is currently testing the $34,705 level, which is a crucial point. A break above it can increase buying interest. Overall, Bitcoin's trajectory appears bullish, with $34,700 a critical level to watch.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)