After touching $56,000 for the first time in five months, Bitcoin has regained a slight bounce and is currently standing around $55,000. Most cryptocurrencies continue to make indecisive moves in either direction, with the exception of Shiba Inu, which is on the offensive again with a 35% daily increase.
Bitcoin stopped at 55 thousand dollars
The past week or so has once again shown how quickly the landscape can change in the cryptocurrency markets. Bitcoin entered October at around $45,000 after recovering $4,000 in the days following the late September crash to $41,000.
It started increasing in value quickly, and within a few days, I knocked on a $50,000 door. Although the first attempt was unsuccessful, BTC came back again, this time dropping it.
The bulls had more give and kept pushing the origin north. As a result, the bitcoin price rose to $56,000 yesterday, which became the highest level since mid-May.
However, it failed to continue rising and fell by more than $2000 in the following hours. As of now, Bitcoin has recovered nearly $1,000 and stands at around $55,000.
The market capitalization of BTC is still well above $1 trillion, while the dominance of altcoins is only 45%.
Sheba again in it
Altcoins lost some of their gains against their leader in the past week, which is evidenced by the increasing dominance of Bitcoin. However, most of them performed well against the dollar, with Ethereum regaining $700 from $2,900 to its current level of $3,600.
Over the course of 24 hours, most of them remained calm with minor losses. This is the case with Cardano, Binance Coin, Ripple, Solana, Polkadot, Uniswap and Avalanche.
However, Terra has shed hard by almost 8% in one day and is now standing below $45.
Shiba Inu, arguably the most volatile currency in the past few weeks, has resumed its upward trajectory. After sinking 30% yesterday, it has jumped 35% today and is currently at $0.00003. Celer Network is another notable gainer over the past 24 hours, up 22% to $0.17.
As such, the cryptocurrency market cap has remained above $2.3 trillion.
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