2024: The Year Of Bitcoin Dominance And Market Psychology
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.