After the last few days of impressive gains and new monthly highs, the price of bitcoin has finally reached $ 56,000. Most alternative coins are somewhat stagnant in the same timeframe, with a few exceptions. The recent high-flying Shiba Inu fell about 30% in one day.
Bitcoin Touched $56K
It was approximately a week ago when bitcoin struggled below $45,000 after it had recovered from its latest price drop below $41,000. However, the situation quickly changed, as happens frequently in the crypto market, as the value of the asset began to gradually increase.
It shot up to $50,000 for the first time in a month and, after a few rejections, managed to overcome this level decisively. Unlike what happened in September, this time BTC continued to climb.
This resulted in nearing $56,000 – the highest price tag since mid-May. While the possible reasons for this impressive increase are still debated, it meant that the cryptocurrency had added 35% in value in about a week.
The bears tried to step up at this point and pushed bitcoin south to below $54,000. However, their attempts were for no. Instead of going down, bitcoin went on a roll again and touched $56,000 just minutes ago.
Its market cap sits well above the coveted $ 1,000 billion mark, while altcoin dominance has edged up once again.
Alts Stall: Shiba Inu Dumps
The alternative coins followed their leader in its conquest to new monthly highs, but most have remained stagnant on a 24-hour scale.
Ethereum is among the biggest winners as it has fallen well below $ 3,000. As of now, though, ETH sits above $3,600, meaning a more than 20% increase in a week or so.
Cardano, Binance Coin, Ripple, Dogecoin, Uniswap, and Chainlink all posted minor losses in the past 24 hours. On the other hand, Solana, Polkadot, and Avalanche are slightly in the green.
Terra rose the most with a 7% increase to $ 47. Thus, LUNA is just inches away from charting a new all-time high.
Among low- and mid-cap altcoins, FTM is the biggest winner, with a 30% increase after Nansen added support for the Fantom network. Mdex (21%), Bitcoin SV (18%), Harmony (12%), Yearn Finance (11%), Chiliz (11%), and Elrond (10%) follow.
In contrast, Shiba Inu lost the most value in one day (-30%).This comes after a few days of consecutive gains and an untypically high futures trading volume.
