In the last 24 hours, many larger-cap altcoins have seen significant gains, with Shiba Inu (SHIB) leading the pack. Bitcoin is also on the rise, climbing to around $65,000 after recent downturns.
Other altcoins like Ethereum (ETH) and Binance Coin (BNB) have also surged, each seeing approximately a 4% increase. However, SHIB has outshone them all with its remarkable performance.
Rollercoaster Week for Bitcoin Leading to Fourth Halving
The week leading up to the fourth Bitcoin halving was marked by significant volatility. The asset experienced a sharp decline from over $70,000 to $65,000 on Friday, followed by a further drop to $61,000 the following day.
Despite some recovery by Monday, Bitcoin faced additional downward pressure midweek, with another significant drop occurring on Friday amid escalating tensions between Iran and Israel. This final plunge brought Bitcoin’s price below $60,000 just hours before the highly anticipated halving event.
However, shortly after the halving was completed, Bitcoin experienced a rapid surge of over five thousand dollars within half a day, reaching around $65,000.
Following this volatility, Bitcoin has seen relatively little movement, currently hovering around $65,000 once again after briefly touching $66,000 earlier today. Its market capitalization remains below $1.3 trillion, and its dominance over alternative cryptocurrencies has declined to just under 51%.
BTCUSD. Source: TradingView
Altcoins Surge as SHIB Leads the Way
In the past 24 hours, altcoins have outperformed Bitcoin, with significant gains observed across various cryptocurrencies. Notably, Shiba Inu (SHIB), the second-largest meme coin, has surged by 18% and is now trading above $0.000027.
Several lower-cap meme coins, including BONK, FLOKI, and PEPE, have also experienced double-digit gains alongside SHIB.
Additionally, cryptocurrencies like Solana, Avalanche, Bitcoin Cash, Dogecoin, Chainlink, Polygon, and Polkadot have all seen substantial gains ranging from 6% to 8%.
The total cryptocurrency market cap has surged by over $50 billion within a day, surpassing $2.5 trillion on CoinGecko. This uptrend reflects the overall bullish sentiment across the crypto market, driven by the impressive performance of altcoins.
Cryptocurrency Market Overview. Source: QuantifyCrypto
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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