Shiba Inu (SHIB) Explodes 15% Daily, Bitcoin (BTC) Maintains $68K (Market Watch)

Bitcoin’s price has been on a wild ride in the past few days, first heading north to over $70,00 before it dumped to $67,000 a day later.

The altcoins have recovered some of yesterday’s losses, and most have turned green. SHIB and WIF lead the pack from the meme coin realm with massive double-digit surges.

BTC Reclaims and Calms at $68K

The largest cryptocurrency by market cap experienced a volatile five-day trading period last week after the news surrounding the eventual approval of spot Ethereum ETFs by the US SEC. The asset skyrocketed to a multi-week peak at the start of it of nearly $72,000, but it dumped to under $66,500 on Thursday – just hours before the SEC’s actual approval.

It regained some traction on Friday and during the weekend as its price went to $69,000. It retraced slightly on Monday before another leg up resulted in breaking above $70,000 for the first time in about a week.

Yet, the bulls failed to maintain this run and BTC dumped hard yesterday to just over $67,000. Still, bitcoin bounced off and neared $69,000 once more hours ago but was stopped there and now sits inches above $68,000.

Its market cap remains below $1.350 trillion, but its dominance over the alts has taken another minor hit and is down to 49.6%.

Bitcoin/Price/Chart 29.05.2024. Source: TradingView

SHIB, WIF on a Roll

The meme coins have been among the top performers in the past 24 hours. SHIB is at the forefront of the massive surge, gaining 15% overnight. Moreover, SHIB surpassed Cardano to become the 11th largest cryptocurrency by market cap, as reported earlier.

WIF is the other massive gainer from the larger-cap alts. The asset has soared by 20% in a day and now trades close to $4.

SOL, TON, RNDR, and ATOM are with minor gains from the larger-cap alts, while ETH is down by 0.4% but still trades above $3,800.

The total crypto market cap has recovered $35 billion overnight and sits above $2.7 trillion on CG.