Bitcoin briefly surged to $69,000 in the early hours of this (19th) day, the first time in two months since late July. As of the time of writing, it has retreated to $68,347, up 1.07% in the last 24 hours.
Bitcoin's Dominance Reaches 3-Year High
Notably, with Bitcoin returning to $69,000, according to a tweet by IntoTheBlock, Bitcoin's market share among the top 300 tokens has exceeded 65%, the highest level since early 2021, a 3-year high.
Elon Musk Calls for D.O.G.E, Causing 15% Surge
Additionally, according to a report by Fortune magazine, during a speech at the Folsom City Hall in Pennsylvania on Thursday local time, Tesla CEO Elon Musk was asked by an audience member about the idea of creating a "Department of Government Efficiency".
Musk unhesitatingly replied: "Yes, D.O.G.E." This statement not only elicited cheers from the crowd, but also went viral on social media. As a result, the meme coin Doge surged by 15% in a short period of time. As of the time of writing, Doge is priced at $0.1454, up 7.41% in the last 24 hours.
In fact, Musk had already commented "D.O.G.E will fix it" under a tweet on the X platform on the 15th, and if we look at the Doge price chart, the upward trend had already started on the 15th.
D.O.G.E will fix it
— Elon Musk (@elonmusk) October 15, 2024
Is the Bull Market Really Here?
On the other hand, with the three positive factors of Bitcoin reaching $69,000, Bitcoin's dominance reaching a 3-year high, and Musk calling for Doge causing a 15% surge, it's hard not to wonder: is the bull market really here?
Bitcoin Dominance (BTC.D)
First, looking back at Bitcoin's past dominance in the market (BTC.D), according to TradingView, the current BTC.D is at 58.9%, the highest level since April 2021, when Bitcoin's dominance was gradually declining from its January 2021 peak, and Bitcoin price also underwent a deep correction in April 2021, before rebounding in July.
Going further back to September 2018, BTC.D officially broke through 58.9%, but at that time, the Bitcoin price was still declining, and in the following months, BTC.D continued to rise, and the Bitcoin price also continued to rise from the low point.
The recent breakthrough of BTC.D to a new 3-year high, based on past experience, may lead to subsequent market FOMO, and it is reasonable to expect that it will take some time to ferment before there is a significant price growth.
Musk's Call Causes Surge
Additionally, Musk calling for a coin has been a recurring event since 2021, but in the past few months, when Musk called for the "Department of Government Efficiency (D.O.G.E.)" concept, the Doge market didn't see much change.
This time, not only did Doge surge 15% in the short term, but it is still continuing to rise today, which makes one think of Musk's Doge calls during the 2021 bull market. In January, February, and April 2021, Musk tweeted about Doge, and at that time, Doge had at least a 37% gain, with the highest being 404%.
However, some may feel that Musk's call is a sign of a bull market, but the upcoming data may shatter this imagination. In fact, Musk also called for Doge during the 2022 bear market, in January, April, and June, and the gains were all between 10% and 32%.
Comparing the current 15% surge in Doge, this alone is not enough to confirm that a bull market is imminent, but it is certain that this is something that has not happened during the bear market periods. Whether Musk can revive the "Musk Investment Advisor" remains to be seen.
