Bitcoin in the past 24 hours has seen a massive surge as its market cap returns above $1trn and its price above $55,000 since May 2021.
The number one cryptocurrency has now seen a 10 percent surge in the past 24 hours, and a lot of it came mid-day on Wednesday.
It hit an intraday high of $55,555 on Binance’s spot exchange before retracing as it trades slightly below that line.
However, unlike previously when Bitcoin surges and altcoins follow, the time many altcoins are playing victim to volatility. Most altcoins are having a stagnant 24 hours with only Shiba Inu performing well as it has entered the top 20 tokens by market cap.
Bitcoins way to $55,000
It is worthy of mention that the number one crypto coin had a bad weekend as it dipped below $47,000 until it began its little recovery during the week.
It recovered 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 on Tuesday. It continued slowly overcoming $52,000 barrier where it stalled. It picked up later in the day and continued its leg up till $55,000.
Following the price surge, Bitcoin’s market dominance is also on the rise, as altcoins fail to keep up with the pace. At the time of this writing, BTC’s dominance sits at almost 45% – the highest in almost two months.
It’s market cap has also toppled the $1trn mark as it sits slightly above that level at press time.
Shiba leads in Altcoin market as bleed out continues
Despite having a good run in the past days, fortunes have turned for altcoins. 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 coin in the top 10 cryptocurrencies to chart a green in the past 24 hours. Others continue to bleed.
Shiba Inu which has burst into the top 20 coins 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.
Ultimately, the entire crypto market cap has hit a multi-week high at around $2.2 trillion thanks to a real push with Bitcoin surge.