Bitcoin Continues Upwards While Shiba Inu (SHIB) Dumps 30% (Market Watch)

Following the past few days of impressive gains and new monthly highs, bitcoin’s price finally touched $56,000. Most alternative coins are somewhat stagnant in the same timeframe, with a few exceptions. The recent high-flyer Shiba Inu has dumped by roughly 30% in a day.

Bitcoin Touched $56K

It was approximately a week ago when bitcoin struggled below $45,000 after it had recovered from its latest price drop below $41,000. The situation quickly changed, though, as it frequently happens in the crypto market, as the asset began gradually increasing in value.

It shot up to $50,000 for the first time in a month and, after a few rejections, managed to overcome this level decisively. Unlike what happened in September, this time, BTC kept climbing.

This resulted in nearing $56,000 – the highest price tag since mid-May. While the possible reasons behind this impressive surge are still debated, it meant that the cryptocurrency had added 35% of value in about a week.

The bears tried to step up at this point and pushed bitcoin south to below $54,000. However, their attempts were for not. Instead of going down, bitcoin went on a roll again and touched $56,000 just minutes ago.

Its market capitalization stands well above the coveted $1 trillion mark, while the dominance over the altcoins has slightly increased once again.

BTCUSD. Source: TradingView

Alts Stall: Shiba Inu Dumps

The alternative coins followed their leader in its conquest to new monthly highs, but most have remained stagnant on a 24-hour scale.

Ethereum is among the most substantial gainers as it had dropped well below $3,000. As of now, though, ETH sits above $3,600, meaning a more than 20% increase in a week or so.

Cardano, Binance Coin, Ripple, Dogecoin, Uniswap, and Chainlink have all marked minor losses in the past 24 hours. On the other hand, Solana, Polkadot, and Avalanche are slightly in the green.

Terra has increased the most with a 7% surge to $47. Thus, LUNA is just inches away from charting a new all-time high.

Cryptocurrency Market Overview. Source: Quantify Crypto

From the lower- and mid-cap altcoins, FTM is the most significant gainer, with a 30% increase after Nansen added support for the Fantom network. Mdex (21%), Bitcoin SV (18%), Harmony (12%), Yearn Finance (11%), Chiliz (11%), and Elrond (10%) follow.

In contrast, Shiba Inu has lost the most value in a day (-30%). This comes after a few days of consecutive gains and an untypically high futures trading volume.