Bitcoin Dominance Drops Below 60% Amid Record Crypto and Stock Markets
Bitcoin (BTC) dominance has dropped below 60%, marking the lowest level since February 1. Bitcoin's market capitalization is currently $2.39 trillion, while the total cryptocurrency market cap has exceeded $4 trillion.
Key points:
- Ether (ETH) is driving growth, trading above $4,600.
- Last time BTC dominance was this low, its price was under $100,000.
- U.S. stocks, including the S&P 500 and Nasdaq 100, are also reaching new highs.
- The DXY index has fallen below 98, supporting risk assets.
- Markets anticipate nearly a 100% chance of a Federal Reserve rate cut on September 17, lowering the federal funds rate to 4.00%-4.25%.
- Recent inflation data showed mixed results: headline year-over-year figures were softer than expected, but core inflation remains concerning.