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The main cryptocurrencies saw gains in trading on Thursday as the market was buoyed by confidence and bullish sentiments. In the past day, the value of the worldwide cryptocurrency market cap increased by 0.77% to over $1.27 trillion.

Bitcoin was up 1.47% at $34,626 while Ethereum, its biggest rival, increased 1.4% to break past $1,800.

The steady advances made by BTC have eclipsed the movements in price of ETH and other prominent altcoins. As a result, the dominance of BTC has reached a record 30-month high of more than 54%—the greatest level since April 2021. But when investors grow accustomed to the risk curve during this stage of the market, there could be a spike in interest in altcoins, which would mean a reversal of BTC’s dominance.

Dogecoin and Shiba Inu, two other well-known altcoins, saw increases of more than 6% apiece. Litecoin, Toncoin, Cardano, Solana, Polygon, and Polkadot all saw increases as well.

The largest cryptocurrency in the world, Bitcoin, saw a spike in market capitalization to $675 billion in the past day. Currently, 53.24% of the market is made up of Bitcoin, according to CoinMarketCap. The volume of BTC fell by 27.1% to $24.14 billion in the last day.

The crypto community is celebrating the decoupling of Bitcoin from stock indices. The asset is up 23 percent on a weekly basis and is attempting to break out towards $35,000, which is a crucial level to hold for future gains. The dominance of Bitcoin is at its highest level since April 2021, suggesting that traders are allocating their capital to the top cryptocurrency instead of altcoins.

Nonetheless, a few cryptocurrencies, such as memecoin Pepe (PEPE) and Layer-1 asset Solana (SOL), have seen significant gains this week. Short-term market weakness is probably in store, but the general direction is obvious as Bitcoin moves closer to a bullish Golden Cross, or the intersection of the 50- and 200-day moving averages.

There are two possible resistance levels in the current uptrending price of bitcoin: $36,507 and $38,579. Support levels for a bear market are $31,212, $29,172, and $27,956.

At present, the critical $34,705 level is being tested by Bitcoin. Buying interest may rise if it breaks over that level. In general, the trend of Bitcoin is bullish, with $34,700 acting as a key mark to keep an eye on.