Bitcoin has started October on a high as the bulls take control of the market. The flagship crypto saw a 4-week high at about $52,000, while Shiba Inu (SHIB) has exploded by triple-digits in a week to snatch a place in the top 20 coins.
Since the start of the month, the biggest crypto initiated another leg up and in the last 24 hours, it has managed to set a new monthly high near $52,000. Most of the alternative coins have stalled once more, but Shiba Inu seems to be performing quite well and it has entered the top 20 list by market capitalization.
Apart from plunging below $47,000 over the weekend, the last several days have gone well in the Bitcoin market. It managed to recover from the last week’s plunge and was on its way to challenge $50K for the first time in almost a month.
After several rejections at $49,000, Bitcoin finally managed to overcome the $50K level on October 5. The second attempt appeared considerably more optimistic as the digital asset kept soaring and peaked just below $52,000 within the past 24 hours.
This price became its highest level since September 7. Since then, however, BTC has failed to continue rising, just the opposite. It has lost over $1,000 of value and it is currently hovering around $50,500.
Its market capitalization is still above $950 billion, while its dominance over the altcoin markets has gained by 1.5% in two days to reach 44%.
Shiba Inu Enters Top 20 As Altcoins Deflate
The altcoins performed well in the last several days, but most have now dropped into the red, resulting in the growing bitcoin dominance. Ethereum recorded a multi-week high above $3,500 earlier on October 6, but it has since dropped below $3,400.
Ripple, Uniswap, Cardano, Binance Coin, and Chainlink have lost lots of value, 4% on average. But, Terra, Solana, and Avalanche have lost a lot more. SOL has lost 9% in 24 hours to trade at $150, while AVAX and LUNA have dropped by double digits to $58 and $40, respectively.
Dogecoin is the only huge-cap altcoin that is slightly in the green currently.
SHIB maintains its impressive performance after another major surge of more than 60% within 24 hours to $0.0000217. Also, the coin has gain around 220% in the past 7 days, which earned it a place in the top 20 coins by market cap.
The total market cap of all crypto assets reached multi-week highs around $2.3 trillion on Wednesday.