Bitcoin Market Cap Records New ATH, Shiba Inu’s Double Digit Run Continues (Market Watch)

The second-largest meme coin continues to dwarf the rest of the market in terms of recent gains.

Mar 5, 2024 - 13:50
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Bitcoin Market Cap Records New ATH, Shiba Inu’s Double Digit Run Continues (Market Watch)

Bitcoin’s price ascend continued in the past 24 hours, and the asset came less than a grand away from tapping a new all-time high against the dollar.

While several larger-cap alts have failed to produce any substantial gains, Shiba Inu, ICP, and DOGE are on the run once again.

BTC Was This Close

It almost feels inevitable now that Bitcoin will top its 2021 all-time high of $69,044 (CoinGecko data) marked in late 2021. In fact, the asset came less than a grand away from that peak yesterday.

After the gains recorded at the start of last week, when BTC skyrocketed by more than $10,000 by Wednesday, the cryptocurrency stalled at the end of it, especially during the weekend. However, Monday started on a high note, and BTC broke out of its $62,000 resistance and began a notable climb.

This culminated earlier today when the asset went to about $68,500, thus it jumped to its highest price tag since November 2021 and just over $500 from breaking it. Although Bitcoin failed to chart a new ATH against the dollar, it did so against a few other big fiat currencies like the pound and the euro.

As of now, the bears have managed to prolong the new record in USD terms, and BTC trades two grand below its daily peak. Its market cap, which did record a new ATH, is at over $1.3 trillion, while its dominance over the alts stands tall at 50% on CoinGecko.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SHIB’s Run Continues

The past several days belonged to the meme coins, and Shiba Inu has emerged at the forefront. Monday didn’t disappoint the SHIB investors as the second-largest asset from this cohort exploded once more. On a daily scale, SHIB is up by more than 40% again, and it trades close to $0.00004.

ICP is the other impressive gainer from the larger-cap alts, having surged by 21%. Polkadot and Dogecoin have gained around 6-7% as well.

Ethereum tapped a multi-year peak of its own earlier at around $3,700. The rest of the larger-cap alts have retraced slightly, led by ADA’s 4% slip.

The total crypto market cap, though, has soared past $2.6 trillion on CoinGecko for the first time in more than two years.

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

The post Bitcoin Market Cap Records New ATH, Shiba Inu’s Double Digit Run Continues (Market Watch) appeared first on CryptoPotato.

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