After touching $56,000 for the first time in five months, bitcoin retraced slightly and currently stands around $55,000. Most altcoins continue with indecisive moves in either direction, except for Shiba Inu, which has gone on the offensive once more with a 35% daily surge.
The past week or so showed once more how quickly the landscape could change in the cryptocurrency markets. Bitcoin entered October at around $45,000 after recovering $4,000 in days following the late-September crash to $41,000.
It started to increase in value rapidly and, in just a few days, knocked on the $50,000 door. Although the first attempt was not successful, BTC came back again and, this time, brought it down.
The bulls had more to give and kept pushing the asset north. As a result, bitcoin spiked to $56,000 yesterday, which became the highest level since mid-May.
However, it failed to continue upwards and dipped by more than $2,000 in the following hours. As of now, bitcoin has recovered roughly $1,000 and stands at approximately $55,000.
BTC’s market capitalization still stands well above $1 trillion, while the dominance over the altcoins is just shy of $45%.
BTCUSD. Source: TradingView
The alternative coins have lost some ground against their leader in the past week, which is evident from the increasing BTC dominance. Nevertheless, most have performed well against the dollar, with Ethereum recovering $700 from $2,900 to its current level of $3,600.
On a 24-hour scale, though, most have remained calm with minor losses. Such is the case with Cardano, Binance Coin, Ripple, Solana, Polkadot, Uniswap, and Avalanche.
However, Terra has dumped hard by roughly 8% in a day and now stands below $45.
Cryptocurrency Market Overview. Source: Quantify Crypto
Shiba Inu, arguably the most volatile coin in the past few weeks, has resumed its bullish trajectory. After dumping by 30% yesterday, it has skyrocketed by 35% today and currently sits at $0.00003. Celer Network is the other notable gainer in the past 24 hours, with a 22% surge to $0.17.
As such, the cryptocurrency market capitalization has remained rather still above $2.3 trillion.
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