Bitcoin reached $56,000 for its first time in five month, but has since retraced slightly to $55,000. The majority of altcoins remain indecisive in any direction except Shiba Inu which has taken the offensive with a 35% daily surge.
Bitcoin Stalls at $55K
This week has shown once again how quickly cryptocurrency markets can change. Bitcoin reached October at $45,000, having recovered $4,000 in the days following the September crash that brought it down to $41,000.
It began to grow in value quickly and in just a few short days it knocked at the $50,000 threshold. Even though the initial attempt failed, BTC returned and brought it down again.
The bulls still had more to offer and kept pushing bitcoin north. Bitcoin soared to $56,000 yesterday. This was the highest bitcoin level since May mid-May.
It slowed down and fell by $2,000 within hours. Bitcoin is now worth approximately $55,000 and has recouped roughly $1,000
BTC’s market capitalization is still well over $1 trillion. However, the dominance of altcoins is only just shy $45%.
BTCUSD Source: TradingView
Shiba back at it again
In the last week, alternative coins lost some ground to their leader. This is evident due to the growing BTC dominance. However, all have performed well against USD, with Ethereum recovering $700, from $2,900, to its current level at $3,600.
However, the majority have maintained their calm and suffered only minor losses on a 24-hour basis. Cardano and Binance Coin, Ripple. Solana, Polkadot. Uniswap. And Avalanche are all examples.
Terra, however, has dropped hard by approximately 8% per day and is now below $45.
Cryptocurrency Market Overview. Source: Quantify Crypto
The most volatile cryptocurrency in recent weeks, Shiba Inu has been regaining its bullish momentum. It dropped 30% yesterday and has risen by 35% today to $0.00003. Celer Network was the other notable gainer over the last 24 hours with a 22% jump to $0.17.
The cryptocurrency market capitalization is now at $2.3 trillion.
Marla Brooks – Financial Analysis
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