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Shiba Inu (SHIB) surges 15% daily, Bitcoin (BTC) holds steady at $68K (Market Watch)

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Bitcoin’s price has been on a rollercoaster ride in the past few days, initially surging to over $70,000 before dropping to $67,000 a day later. However, the altcoins have shown resilience and most have turned green, with meme coins like SHIB and WIF leading the pack with significant double-digit gains. BTC experienced a volatile five-day period last week following news of the eventual approval of spot Ethereum ETFs by the US SEC, reaching a high of nearly $72,000 before dropping to under $66,500 just before the approval. The market cap for bitcoin remains below $1.350 trillion, with its dominance over altcoins decreasing slightly to 49.6%.

Despite the recent volatility, bitcoin has managed to reclaim some stability at around $68,000 after bouncing back from a low of just over $67,000. While the asset briefly surpassed $70,000 again, it was unable to maintain this level and is currently trading just above $68,000. The market cap for bitcoin remains below $1.350 trillion, with its dominance over altcoins decreasing slightly to 49.6%. Overall, the cryptocurrency market has shown signs of recovery, with a total market cap of over $2.7 trillion on CG.

Meme coins like SHIB and WIF have seen significant gains in the past 24 hours, with SHIB leading the charge with a 15% increase and surpassing Cardano to become the 11th largest cryptocurrency by market cap. WIF has also seen a 20% surge in price, trading close to $4. Other larger cap altcoins such as SOL, TON, RNDR, and ATOM have also seen minor gains, while ETH is down by 0.4% but still trading above $3,800. The total crypto market cap has recovered $35 billion overnight, showing signs of resilience in the market.

Overall, the cryptocurrency market has shown signs of resilience despite the recent volatility in bitcoin’s price. While BTC saw a sharp drop to just over $67,000, it has since rebounded and is currently trading above $68,000. Altcoins like SHIB and WIF have seen significant gains, with SHIB surpassing Cardano in market cap ranking. The total crypto market cap has also recovered, surpassing $2.7 trillion. With the market showing signs of stability, investors will be keeping a close eye on the next moves in the cryptocurrency space.

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