Shiba Inu (SHIB) Explodes 15% Daily, Bitcoin (BTC) Holds $68,000 (Market Watch)

The price of Bitcoin has advanced in recent days, first heading north to over $70,000 before dropping to $67,000 a day later.

Altcoins have recovered some of yesterday’s losses and most have turned green. SHIB and WIF lead the pack from the realm of meme coins with massive double-digit increases.

BTC claims and calms at $68,000

The largest cryptocurrency by market capitalization experienced a volatile five-day trading period last week following news of the eventual approval of spot Ethereum ETFs by the US SEC. The asset soared to a multi-week high at the start of nearly $72,000, but fell to less than $66,500 on Thursday, just hours before the actual SEC approval.

It regained some traction on Friday and over the weekend as its price hit $69,000. It pulled back slightly on Monday before another stage resulted in it breaking above $70,000 for the first time in about a week.

However, the bulls were unable to sustain this run and BTC fell sharply yesterday to just over $67,000. Still, bitcoin bounced back and approached $69,000 hours ago, but stopped there and now sits inches above $68,000.

Its market cap remains below $1.350 trillion, but its dominance of the highs has taken another minor hit, falling to 49.6%.

Bitcoin/Price/Chart 05/29/2024. Source: TradingView SHIB, WIF on a Roll

Meme coins have been among the best in the last 24 hours. SHIB is at the forefront of the massive surge, gaining 15% overnight. Additionally, SHIB surpassed Cardano to become the 11th largest cryptocurrency by market capitalization, as previously reported.

WIF is the other big benefit of larger cap alternatives. The asset has soared 20% in a day and is now trading near $4.

SOL, TON, RNDR, and ATOM have smaller gains from larger-cap highs, while ETH is down 0.4% but still trading above $3,800.

The total crypto market capitalization has recovered $35 billion overnight and stands above $2.7 trillion in CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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