2024 has firmly established itself as the year of Bitcoin dominance. The leading cryptocurrency has outperformed the broader market, demonstrating resilience both during rallies and corrections, solidifying its position as the cornerstone of the crypto space.
2024 can be marked as the year of Bitcoin dominance. The largest crypto asset has largely outperformed the rest of the market; both on the way up and during corrections this year. pic.twitter.com/oLoOjmCfKs
— IntoTheBlock (@intotheblock) December 21, 2024
Bitcoin’s journey in the final months of 2024 has been particularly noteworthy. Social media platforms like X, Reddit, Telegram, 4Chan, BitcoinTalk, and FarCaster have seen a surge in discussions about Bitcoin reaching milestones of $90K, $100K, and $110K. This chatter highlights the emotional rollercoaster retail traders face in a zero-sum market dominated by whales, where small traders often buy tops and sell bottoms.
In late November, concerns were rampant about Bitcoin falling back to $90K as its momentum slowed following the “Trump Pump.” Many traders declared their intent to buy during this dip.
Instead, Bitcoin defied expectations, breaking through $103K in early December after several failed attempts to breach $100K. This unexpected surge triggered widespread FOMO (Fear of Missing Out), as retail traders scrambled to capitalize on Bitcoin’s new all-time high.
🧵 Bitcoin has enjoyed quite the journey in 2024's final stretch. The following graphic indicates the crypto community's mentions across X, Reddit, Telegram, 4Chan, BitcoinTalk, and FarCaster related to:
🟨 Bitcoin at $90K
🟥 Bitcoin at $100K
🟦 Bitcoin at $110KContinued 👇 pic.twitter.com/SuzcPYKseN
— Santiment (@santimentfeed) December 21, 2024
By December 16, Bitcoin hit a peak of ~$108.3K, with social media buzzing about the asset’s potential to hit $110K. Many retail traders identified $110K as their profit-taking target. However, this optimism was tempered by subsequent market activity.
On December 20, the Bitcoin spot ETF recorded net outflows of $277 million, while the Grayscale Bitcoin Trust (GBTC) saw outflows of $57.36 million. Despite these movements, the total net asset value of Bitcoin’s spot ETF remains a staggering $109.725 billion, underscoring Bitcoin’s dominance.
On December 20, the Bitcoin spot ETF had a total net outflow of $277 million, and the Grayscale ETF GBTC had a net outflow of $57.3609 million. The total net asset value of the Bitcoin spot ETF is $109.725 billion. https://t.co/59u0BnEqLG pic.twitter.com/xa9Rcnquy6
— Wu Blockchain (@WuBlockchain) December 21, 2024
As 2024 concludes, Bitcoin’s performance reflects both its unparalleled market leadership and the behavioral dynamics of retail traders navigating an unpredictable market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: strelok/123RF // Image Effects by Colorcinch
