Bitcoin’s market dominance has surged to nearly 62%, its highest level since February 2021. As altcoins lag, traders are eyeing BTC’s key levels, particularly the CME Gap at $102,000.

Bitcoin’s Market Dominance at a Three-Year High

As of February 3, Bitcoin’s market dominance has climbed to 62%, indicating that BTC holds the lion’s share of the total crypto market capitalization. This marks its highest level since February 2021, a period when Tesla’s $1.5 billion investment in BTC sent prices soaring past $44,000.

The recent surge in BTC’s dominance highlights the increasing investor confidence in Bitcoin over alternative cryptocurrencies. Many altcoins are struggling to maintain momentum, further reinforcing Bitcoin’s stronghold.

The CME Gap at $102,000: A Key Level to Watch

Crypto traders are closely monitoring the Chicago Mercantile Exchange (CME) Gap at $102,436. This gap occurs when BTC’s price moves significantly while the CME futures market is closed. Historically, Bitcoin has shown a tendency to fill these gaps, making it a crucial level for potential reversals or corrections.

MASSIVE #BITCOIN CME GAP.

Normally, these gaps tend to get filled over the course of the week… pic.twitter.com/VYXYq7Ea2S

— Crypto Rover (@rovercrc) February 3, 2025

Crypto analyst CryptoRover suggests that traders should keep an eye on this level, as Bitcoin’s price action could be influenced by attempts to close the gap over the weekend.

Kimchi Premium Soars to 12% Amid Strong South Korean Demand

Another notable development is the rise in Bitcoin’s ‘Kimchi Premium’—the price difference between BTC on South Korean exchanges and global markets. Currently, this premium stands at 12%, the highest in three years, signaling strong demand in South Korea despite broader market uncertainties.

This premium often reflects local investor sentiment and can indicate potential arbitrage opportunities for traders looking to exploit price discrepancies.

Will an Altcoin Season Follow?

While Bitcoin continues to dominate, many analysts predict a resurgence of altcoins by early 2025. Historically, Bitcoin’s dominance peaks before capital rotates into altcoins, triggering an ‘altseason.’ If previous market cycles repeat, February 2025 could mark a turning point for altcoins to regain lost ground.

For now, Bitcoin remains the undisputed leader, with traders and investors keeping a close watch on key technical levels and macroeconomic trends.