Markets
Shiba Inu (SHIB) Explodes 15% Daily, Bitcoin (BTC) Holds $68,000 (Market Watch)
The price of Bitcoin has seen crazy growth in recent days, first heading north to over $70,000 before dropping to $67,000 a day later.
Altcoins have recovered some of yesterday’s losses and most have turned green. SHIB and WIF are leading the pack in the coin space with massive double-digit increases.
BTC recovers and calms at $68,000
The largest cryptocurrency by market capitalization experienced a volatile five-day trading period last week following news of the possible approval of Ethereum spot ETFs by the US SEC. The asset soared to an early multi-week high of nearly $72,000, but fell to below $66,500 on Thursday – just hours before the actual SEC approval.
It regained some ground on Friday and over the weekend as its price rose to $69,000. It retraced slightly on Monday before another rise resulted in it surpassing $70,000 for the first time in about a week.
Yet the bulls failed to maintain this trend and BTC abandoned hard yesterday at just over $67,000. Still, bitcoin rebounded and approached $69,000 again a few hours ago, but was stopped there and is now just inches above $68,000.
Its market capitalization remains below $1.35 trillion, but its dominance in alternative assets still took a minor hit and fell to 49.6%.
Bitcoin/Price/Chart 05/29/2024. Source: TradingView
SHIB, WIF on a roll
Meme coins have been some of the best performers over the past 24 hours. SHIB is at the forefront of the massive rally, gaining 15% overnight. Additionally, SHIB overtook Cardano to become the 11th largest cryptocurrency by market capitalization. reported earlier.
WIF is the other big winner among larger-cap alts. The asset climbed 20% in one day and is now trading at almost $4.
SOL, TON, RNDR and ATOM are seeing minor gains against larger-cap alts, while ETH is down 0.4% but still trading above $3,800.
The total crypto market cap reclaimed $35 billion overnight and sits above $2.7 trillion on CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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