October 3, 2022

Bitcoin Marked 10-Day High, Shiba Inu Soars 8% (Market Watch)

2 min read

Bitcoin registered another minor increase in the past 24 hours and jumped to a 10-day high of around $42,500. Most altcoins are also slightly in the green again, with Shiba Inu and Terra leading the pack following 7-8% gains.

Bitcoin’s New 10-Day High

After the enhanced volatility bitcoin experienced in the middle of last week, when it soared by $3,000 in minutes but retraced just as rapidly and vigorously, the asset calmed. In fact, it stood around the coveted $40,000 mark for several days before it initiated another impressive leg up late on Friday.

This resulted in exceeding $41,000 and even briefly touching $42,000. However, it couldn’t maintain that level for long and dipped once again shortly after.

The bulls kept the pressure on, though, and pushed the primary cryptocurrency to around $42,500 hours ago. This became its highest price tag since March 9th.

As of now, the asset has lost some traction and stands around $42,000. As such, its market capitalization has neared the $800 billion mark, but it’s still just shy of it.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Terra and Shiba Inu Lead the Pack

The alternative coins performed well yesterday, and most are slightly in the green as well today. Ethereum has remained above $2,900 despite failing to overcome $3,000 hours ago.

Binance Coin touched $400 but has since slipped just under that level. Ripple, Solana, Cardano, Avalanche, Polkadot, and Dogecoin have also marked some gains.

However, Terra and Shiba Inu have stolen the show from the larger-cap alts. LUNA is up by more than 7% and sits at $95, while SHIB has soared by almost 8% to $0.000024.

From the lower- and mid-cap alts, Ethereum Classic stands out with a massive 21% surge. Consequently, ETC now trades above $35. Loopring follows with a 19% increase, and NEO (11%) is next.

The cryptocurrency market capitalization has remained relatively still on a 24-hour scale and is close to $1.9 trillion.

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