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On Thursday, the major cryptocurrencies moved higher on market optimism and driving bullish sentiments. In the last 24 hours, the global cryptocurrency market cap increased by 0.77% to roughly $1.27 trillion.

Bitcoin was up 1.47% at $34,626 while Ethereum was up 1.4% to above the $1,800 mark.

BTC’s continuous advances have overshadowed the price behaviour of ETH and other prominent altcoins. As a result, BTC dominance has reached a new 30-month high of around 54%, the highest since April 2021. However, as investors become more comfortable with the risk curve during this market phase, investor interest in altcoins may increase, resulting to a reversal in BTC dominance.

Other popular altcoins, such as Dogecoin and Shiba Inu, increased by more than 6% each. Cardano, Solana, Polygon, Polkadot, Litecoin, and Toncoin all increased in value.

The market capitalization of Bitcoin, the world’s largest cryptocurrency, has risen to $675 billion in the last 24 hours. Bitcoin presently has a 53.24% market share. BTC volume fell 27.1% in the last 24 hours to $24.14 billion.

The independence of Bitcoin from stock indices has elated the crypto community. The asset is up 23% week on week and is aiming for a new move towards $35,000, a significant level to hold for future gains. Bitcoin’s dominance has reached an all-time high since April 2021, indicating that traders are prioritising the number one crypto asset above alternatives.

However, several altcoins, such as Layer-1 asset Solana (SOL) and memecoin Pepe (PEPE), have seen significant gains this week. In the short term, markets are expected to have a little downturn, but the trend is apparent as Bitcoin approaches a Golden Cross (the crossing of the 50-day and 200-day moving averages), which is normally positive.

The price of bitcoin is rising, with potential resistance levels between $36,507 and $38,579. If the market falls, support levels can be located at $31,212, $29,172, and $27,956.

Bitcoin is currently challenging the $34,705 level, a critical level. A break above it can pique buyer interest. Overall, Bitcoin’s trend appears positive, with $34,700 serving as a key level to monitor.