After a few days of remarkable gains and new monthly highs over the past few days, bitcoin finally reached $56,000. While most alternative coins remain relatively stable over the same period, there are a few exceptions. Recent high-flyer Shiba Iu has seen its value drop by around 30% per day.
Bitcoin touched $56K
After its recent price drop of below $41,000, bitcoin was trading below $45,000 just a week ago. However, the situation changed quickly as it is often in the crypto market. The asset started gradually increasing in value.
After a few rejections, it climbed to $50,000 for its first month. BTC continued to climb, unlike September.
Nearly $56,000 was the highest price since May mid-May. Although the reasons for this remarkable surge are still unknown, it means that cryptocurrency gained 35% in just one week.
At this point, the bears attempted to take control and push bitcoin down to $54,000. Their attempts failed. Bitcoin went on a roll and reached $56,000 minutes ago, instead of falling.
Its market capitalization is well above the $1 trillion mark and its dominance over altcoins has slight increased.
BTCUSD Source: TradingView
lts Stall Shiba Inu Dumps
While the alternative coins followed their leader to new monthly highs in March, most of them have remained static on a 24-hour basis.
Ethereum is one of the biggest gainers, having dropped to well below $3,000. ETH is currently above $3,600. This represents a 20% increase in a matter of days.
Cardano and Binance Coin, Ripple and Dogecoin have all suffered minor losses over the past 24 hours. Avalanche, Polkadot and Solana are all slightly in the red.
Terra saw the largest increase with a 7% rise to $47. LUNA is only inches away from a new record high.
Cryptocurrency Market Overview. Source: Quantify Crypto
FTM has the highest gainer among the lower- and middle-cap altcoins. It saw a 30% increase in value after Nansen introduced support for Fantom. Mdex (21%), Bitcoin SV (8%), Harmony (12%) and Yearn Finance (11%), Chiliz (11%), Elrond (10%) are the next.
Shiba Inu, however, has experienced the largest loss in value per day (-30%). After a few days with consecutive gains, and a high volume of futures trading, this is the first time that this has happened.
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