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Market Watch: Shiba Inu Skyrockets 16%, Bitcoin Tapped 3-Month High



The second-largest memecoin has stolen the show today with a massive double-digit surge.

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

Most altcoins are also slightly in the green, with ETH nearing $1,600. Shiba Inu, though, is on another level following a 16% daily surge.

Bitcoin Touched $21.5K

It’s safe to say that the start of 2023 has been quite positive for the primary cryptocurrency. After a quiet first few days, it finally broke above $17,000 last Monday and hasn’t looked back since.

Just the opposite, it began to overcome round-numbered milestones in the following days, culminating in a surge beyond $21,000 on Saturday and hundreds of millions of dollars worth of liquidations.

Sunday was calmer, as usual, and so were the next few days. Nevertheless, bitcoin maintained above $20,000 and had frequent jumps to $21,000.

The past 24 hours brought one more minor price increase that pushed the cryptocurrency to just under $21,600 (on Bitstamp). This became the asset’s highest price tag since September 12.

Despite losing some ground in the following few hours, BTC’s market cap is still close to $410 billion, and its dominance over the alts stands firm above 41%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SHIB Soars

Most altcoins have been on a roll as well since the start of the year, and the past 24 hours have delivered minor increases as well.

Ethereum stands close to $1,600 after a 1% price jump on a daily scale. It’s worth noting that the second-largest cryptocurrency traded below $1,200 up until just a few weeks ago.

Binance Coin, which went through a substantial token burn yesterday, is still at $300, despite a slight retracement.

Solana has lost the most from the larger-cap alts (-5%), followed by MATIC (-2%) and Cardano (-1%). In contrast, Dogecoin, OKB, and LTC have increased by up to 3.5% in a day.

Nevertheless, the day so far belongs to Shiba Inu. The memecoin has exploded by over 15% in the past 24 hours and trades at $0.000012.

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

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

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