SHIB, DOGE Explode Double Digits, BTC Eyes $35K (Market Watch)
Bitcoin’s price reacted well to the minor retracement yesterday and has remained well above $34,500 as of now.
The altcoins have posted even more substantial gains over the past 24 hours, helping the total market cap gain $20 billion in this timeframe.
BTC Eyes $35K
It’s safe to say that bitcoin has been on a roll in the past several days. It all started during the weekend when the cryptocurrency capitalized on its positive momentum and reclaimed $30,000. After a brief retracement and sluggish performance on Sunday, the asset went back on the offensive on Monday and Tuesday.
This time, the asset registered its most impressive daily price surge in a long time when it skyrocketed by four grand in hours to chart its highest price tag in 17 months at $35,200.
Although it lost some of its momentum at that point and fell back down to $33,200 after a craze with BlackRock’s ETF ticker, the cryptocurrency’s decline didn’t last long. As a result, it started knocking on $35,000’s door once again hours ago.
Nevertheless, it has been unable to reclaim that level as of now and trades inches below it. Its market cap, though, has soared to almost $680 billion, while its dominance over the altcoins stands just shy of 53%.
SHIB, DOGE Shoot Up
Green is dominating the altcoin landscape as well today. Ethereum has finally outperformed BTC on a daily scale by a 4.4% surge that has pushed it to $1,850. Binance Coin, Ripple, Tron, Toncoin, Chainlink, and Litecoin are up by up to 3-4% daily.
More gains come from the likes of Solana, Cardano, Polygon, and Polkadot – all of which have jumped by 5-7%.
Nevertheless, the most notable price gainers from the larger-cap alts include the biggest meme coins – Dogecoin and Shiba Inu. Both assets have pumped by 10-11%. Avalanche’s native token has added a similar percentage and sits above $11 now.
The total crypto market cap has added about $20 billion overnight and stands close to $1.3 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Filed under: Bitcoin - @ October 26, 2023 8:14 am