Markets
Shiba Inu (SHIB) Explodes 15% Daily, Bitcoin (BTC) Holds $68,000 (Market Watch)
The price of Bitcoin has seen a surge in recent days, first heading north to above $70,00, before collapsing to $67,000 the next day.
Altcoins have recovered some of yesterday’s losses and most have turned green. SHIB and WIF lead the pack from the realm of meme coins with massive double-digit increases.
BTC recovers and settles at $68,000
The largest cryptocurrency by market capitalization experienced a five-day period of volatile trading last week following news that the US SEC would approve Ethereum spot ETFs. The asset initially skyrocketed to a multi-week high of nearly $72,000, only to plummet to less than $66,500 on Thursday, just hours before the actual SEC approval.
It regained some popularity on Friday and over the weekend, when its price rose to $69,000. It retreated slightly on Monday before another rally took it above $70,000 for the first time in about a week.
However, the bulls failed to maintain this rally and BTC downloaded yesterday it was hard for just over $67,000. However, bitcoin rebounded and approached $69,000 once again a few hours ago but stopped there and now sits a few inches above $68,000.
Its market capitalization remains below $1.35 trillion, but its dominance over alternatives took another small hit and fell to 49.6%.
Bitcoin/Price/Chart 05.29.2024. Source: TradingView
SHIB, WIF in full operation
Meme coins have been among the best in the last 24 hours. SHIB is at the forefront of the massive surge, gaining 15% overnight. Additionally, SHIB surpassed Cardano to become the 11th largest cryptocurrency by market capitalization reported Before.
WIF is the other big gain from larger cap alternatives. The asset rose 20% in one day and is now trading near $4.
SOL, TON, RNDR, and ATOM are seeing smaller gains thanks to larger-cap alternatives, while ETH is down 0.4% but still trading above $3,800.
The total cryptocurrency market capitalization recovered $35 billion overnight and stands above $2.7 trillion on CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency charts from TradingView.