Market Watch: Shiba Inu Up 16%, Bitcoin Drops To 3-Month High

Bitcoin continued to climb over the past 24 hours, reaching its highest price since early September.

Most of the altcoins are also somewhat in the green, with ETH approaching $1,600. However, the Shiba Inu is on another level after a daily increase of 16%.

Bitcoin touched $21.5K

It is safe to say that the start of 2023 has been very positive for the major cryptocurrency. After two days of calm, it finally broke above $17,000 on Monday and has not looked back since.

On the contrary, it began to overwhelm tour milestones in the following days, culminating in a raise of over $21,000 on Saturday and a liquidation of hundreds of millions of dollars.

Sunday was, as usual, quieter and the next few days too. However, Bitcoin remained above $20,000 and has repeated hopes of $21,000.

The last 24 hours saw another small price increase pushing the cryptocurrency just below $21,600 (on Bitstamp). This was the asset’s highest price since September 12th.

Despite losing some ground in the following hours, BTC’s market capitalization is still close to $410 billion and its dominance over altcoins is steeply over 41%.

BTCUSD. Source: TradingView

Gray hair rises

Most of the digital currencies have also been running since the beginning of the year, and the past 24 hours have also made smaller gains.

Ethereum stands near $1,600 after a 1% price jump on a daily basis. It should be noted that the second largest cryptocurrency was trading below $1,200 until a few weeks ago.

Binance Coin, which experienced a major burn yesterday, is still at $300, albeit with a small bounce.

Solana lost the most among the big caps (-5%), followed by Matic (-2%) and Cardano (-1%). In contrast, Dogecoin, OKB, and LTC increased by up to 3.5% on the day.

Still, today it still belongs to the Shiba Inu. Memecoin has exploded by more than 15% in the past 24 hours and is trading at $0.000012.

The cryptocurrency market cap added a few billion overnight and is close to $1 trillion on CoinMarketCap.

Overview of the cryptocurrency market.  Source: Quantify Crypto
Overview of the cryptocurrency market. Source: Quantify Crypto

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