Bitcoin Price Surges Past $68,000

U.Today reports that the price of Bitcoin has surged past the $68,000 mark, attracting the attention of Michael Saylor, chairman of MicroStrategy. In a recent post on X, Saylor declared "to the moon" and shared an image of himself adorned in astronaut attire, alongside a Bitcoin-branded rocket.

This declaration occurs amid ongoing volatility in the cryptocurrency market. Overall, the market rose on Wednesday, driven by Bitcoin (BTC), which has seen its weekly gains exceed 12%, marking its ascent past the $68,000 threshold for the first time since late July.

Today, Bitcoin reached a nearly three-month high of $68,399 during trading but slightly retreated to $67,607, remaining up 1.23% over the last 24 hours and higher than the intraday low of $66,743.

Bitcoin's dominance within the cryptocurrency market has increased to 58.91%, rising from 57.13% at the start of October. Bitcoin dominance peaked over 70% during the 2020-2021 bull market, falling to as low as 40% by mid-2021. After remaining around those levels for nearly a year, dominance plummeted with the collapse of cryptocurrency exchange FTX in late 2022 but has steadily climbed since.

Potential Volatility Ahead

Glassnode indicates a notable divergence between supply and demand, as the market has been range-bound for over seven months. Low volumes in on-chain and futures markets, combined with a HODLer-dominant environment, suggest increased volatility may be on the horizon.

Historically, tightness in Bitcoin supply has foreshadowed a period of heightened volatility. However, the influx of new capital has seen a decline since Bitcoin hit nearly $74,000, its all-time high in March 2024.

Investor confidence in market trends remains neutral, suggesting that spending by new buyers is not significantly deviating from the original acquisition prices.

This article was originally published on U.Today