Bitcoin started another step higher in the last 24 hours which led to a new monthly high of shy of $52,000. Most altcoins stopped again, but Shiba Inu continued to perform well as it entered the top 20 coins by market cap.
Bitcoin’s New Monthly Summit
Aside from dropping below $47,000 over the weekend, the past several days have gone well for the underlying cryptocurrency. It recovered from last week’s recession and was on track to challenge $50,000 for the first time in nearly a month.
After a few rejections at $49,000, BTC finally broke the $50,000 hurdle yesterday. The second attempt was noticeably more bullish as the asset continued to climb and was just below $52,000.
This became its highest price since September 7. Since then, Bitcoin has failed to keep going up – quite the opposite. It has lost over $1,000 in value and is currently standing at less than $51,000.
Its market capitalization is still well above $950 billion, while altcoin dominance has increased by 1.5% in two days to 44%.
SHIB enters the top 20 as seen by Alts Red
Altcoins have been doing well in the past few days, but most of them are now in the red, further increasing the dominance of Bitcoin. Ethereum reached a multi-week high above $3,500 earlier today, but has now fallen well below $3,400.
Cardano, Binance Coin, Ripple, Uniswap and Chainlink all lost similar portions of value (around 4%). However, Solana and Tira ditched and the ice collapsed over it.
SOL fell 9% in one day to $150, while LUNA and AVAX fell in double digits to $40 and $58, respectively.
Dogecoin is the only altcoin with a slightly larger cap in green to date.
Shiba Inu continues its impressive performance after another massive increase of over 60% on the day to $0.0000217. Furthermore, SHIB stock is up 220% in the past week, earning it a spot in the top 20 coins by market cap.
Speaking of the total market capitalization of all crypto assets, it also reached a multi-weekly record of around $2.2 trillion earlier today.
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Cryptocurrency charts by TradingView.