Bitcoin initiated another leg up in the past 24 hours resulting in a new monthly high just shy of $52,000. Most alternative coins have stalled once again, but Shiba Inu continues to perform well as it has entered the top 20 tokens by market cap.
Aside from dipping below $47,000 during the weekend, the past several days went well for the primary cryptocurrency. It had recovered from last week’s slumps and was on its way to challenge $50,000 for the first time in nearly a month.
After a few rejections at $49,000, BTC finally overcame the $50,000 obstacle yesterday. The second attempt seemed significantly more optimistic as the asset kept climbing and came just under $52,000.
This became its highest price tag since September 7th. Since then, though, bitcoin has failed to continue upwards – just the opposite. It has lost more than $1,000 of value and currently stands below $51,000.
Its market capitalization is still well above $950 billion, while the dominance over the altcoins has increased by 1.5% in two days to 44%.
BTCUSD. Source: TradingView
The alternative coins performed well in the past few days, but most are in red now, leading to the increasing BTC dominance. Ethereum reached a multi-week high above $3,500 earlier today, but it has now dropped to well below $3,400.
Cardano, Binance Coin, Ripple, Uniswap, and Chainlink have all lost similar chunks of value (around 4%). However, Solana, Terra, and Avalanche have dumped even more.
SOL is down by 9% in a day to $150, while LUNA and AVAX have declined by double-digits to $40 and $58, respectively.
Dogecoin is the only larger-cap altcoin slightly in the green as of now.
Cryptocurrency Market Overview. Source: Quantify Crypto
Shiba Inu continues with its impressive performance after another massive surge of over 60% in a day to $0.0000217. Moreover, SHIB is up by 220% in the past week, which has earned it a place in the top 20 coins by market capitalization.
Speaking of the total market cap of all crypto assets, it also reached a multi-week record of around $2.2 trillion earlier today.
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