Shiba Inu (SHIB) Enters Top 20 After 220% Weekly Gains (Market Watch)


Bitcoin initiated another leg up in the past 24 hours resulting in a new monthly high just shy of $52,000. Most alternative coins have stalled once again, but Shiba Inu continues to perform well as it has entered the top 20 tokens by market cap.

Bitcoin’s New Monthly High

Aside from dipping below $47,000 during the weekend, the past several days went well for the primary cryptocurrency. It had recovered from last week’s slumps and was on its way to challenge $50,000 for the first time in nearly a month.

After a few rejections at $49,000, BTC finally overcame the $50,000 obstacle yesterday. The second attempt seemed significantly more optimistic as the asset kept climbing and came just under $52,000.

This became its highest price tag since September 7th. Since then, though, bitcoin has failed to continue upwards – just the opposite. It has lost more than $1,000 of value and currently stands below $51,000.

Its market capitalization is still well above $950 billion, while the dominance over the altcoins has increased by 1.5% in two days to 44%.

BTCUSD. Source: TradingView

SHIB Enters Top 20 as Alts See Red

The alternative coins performed well in the past few days, but most are in red now, leading to the increasing BTC dominance. Ethereum reached a multi-week high above $3,500 earlier today, but it has now dropped to well below $3,400.

Cardano, Binance Coin, Ripple, Uniswap, and Chainlink have all lost similar chunks of value (around 4%). However, Solana, Terra, and Avalanche have dumped even more.

SOL is down by 9% in a day to $150, while LUNA and AVAX have declined by double-digits to $40 and $58, respectively.

Dogecoin is the only larger-cap altcoin slightly in the green as of now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto


Shiba Inu continues with its impressive performance after another massive surge of over 60% in a day to $0.0000217. Moreover, SHIB is up by 220% in the past week, which has earned it a place in the top 20 coins by market capitalization.

Speaking of the total market cap of all crypto assets, it also reached a multi-week record of around $2.2 trillion earlier today.


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Cryptocurrency charts by TradingView.

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