Markets
Shiba Inu (SHIB) Explodes 15% Daily, Bitcoin (BTC) Holds $68K (Market Watch)
The price of Bitcoin has been on the rise in recent days, first heading north to over $70,00 before falling back to $67,000 a day later.
Altcoins have recovered some of yesterday’s losses and most have turned green. SHIB and WIF lead the pack in the meme coin realm with huge double-digit increases.
BTC recovers and calms down at US$68 thousand
The largest cryptocurrency by market cap experienced a volatile five-day trading period last week following news surrounding the eventual approval of spot Ethereum ETFs by the US SEC. The asset soared to an early multi-week high of nearly $72,000, but fell below $66,500 on Thursday – just hours before the SEC’s actual approval.
It regained some strength on Friday and over the weekend when its price rose to $69,000. It pulled back slightly on Monday before another leg higher resulted in it breaking above $70,000 for the first time in about a week.
However, the bulls were unable to maintain this run and BTC thrown away yesterday to just over $67,000. Still, bitcoin recovered and approached $69,000 once again hours ago, but was stopped there and is now inches above $68,000.
Its market capitalization remains below $1.350 trillion, but its dominance over alts has taken another small hit and fallen to 49.6%.
Bitcoin/Price/Chart 29.05.2024. Source: TradingView
SHIB, WIF on the rise
Meme coins were among the best performers in the last 24 hours. SHIB is at the forefront of the huge surge, gaining 15% overnight. Furthermore, SHIB surpassed Cardano to become the 11th largest cryptocurrency by market cap, as reported earlier.
WIF is the other big gainer from the larger-cap alts. The asset soared 20% in one day and is now trading close to $4.
SOL, TON, RNDR, and ATOM are trailing gains from larger-cap alts, while ETH is down 0.4% but still trades above $3,800.
The total crypto market capitalization recovered $35 billion overnight and is above $2.7 trillion in CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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